Greece: Time to EXIT the Euro?

From MSNBC's coverage of the growing riots, Greece's finance minister Evangelos Venizelos said, "The question is not whether some salaries and pensions will be curtailed, but whether we will be able to pay even these reduced wages and pensions."

Additionally, the German finance minister Wolfgang Schaeuble said that Greece, "cannot be a bottomless pit."

But the problem is -- assuming you believe in austerity -- Germans and the rest of the core EU have no friggin clue as to what labor price level would stabilize Greece and make it competitive with the rest of the EU.  So their response for the past three years, has been to order more cuts to Greek spending and wages, until Greece reaches that equilibrium.  Both sides seem to implicitly acknowledge this, yet they continue on with austerity insanity.

With EU intransigence, the only solution for Greece is to exit the Euro currency.  That way, they will be able to float their own currency once again on the open market and immediately make their goods and services price competitive.  In other words, reverse the effects of the creation of the Euro, which contributed to Greece's problems in the first place.

And if those Greek ministers were smart enough, they'd be deep in the planning stages already.  This, after all, is the Plan B when austerity fails to keep Greece from a disorderly bankruptcy.