Wither Greece?

I don't know whither Greece, nor whether Greece will wither. But the whole idea of a single currency was a bad one. I'm not sure why that wasn't obvious to everyone at the time. It seemed obvious to me. I thought Britain made a wise decision in staying out of the common currency agreement.Here's the problem: the economies of different states are different and grow at different rates. With separate currencies, this is taken care of with changes in exchange rates. With a single currency, that way of adjusting is ruled out.We can look at how this works in the USA, where there is a single currency. And the way it works, is that California and New York subsidize Alabama and Mississippi. The difference in rates of economic growth are adjusted with transfers of assets. If California and New York tired of this and wanted to impose austerity measures on Alabama and Mississippi, they couldn't unless they were willing to suffer the same austerity measures themselves. That's the way a federal system works.In short, to have a unified currency, you also need a unified politics. In my estimation, Europe was not ready for that kind of political union when they moved to adopt the Euro. And they are still not ready for that kind of political union.