The article is a lot of fear mongering. It ignores the fact that before the EURO the Southern European countries had high inflation rates and hence didn't need

The article is a lot of fear mongering. It ignores the fact that before the EURO the Southern European countries had high inflation rates and hence didn't need bail outs. These high inflation rates devalued savings in the local currencies and often created similar runs on banks. Since the smaller economies have a low impact on the EURO inflation this is an alternative adjustment.