Zoning Out: How Debt Is Fracturing European Unity

Solutions to the European debt crisis were never expected to be set-and-forget. Now Ireland has its hand out for 24 billion euros to keep its banking system afloat. Portugal also wants a bailout, while Spain's economy is unravelling. Greece continues to struggle with the confines of its new austerity. There's a rise of nationalism among some members of the European Union and speculation is mounting that some may opt out of the eurozone altogether. But for a deeply indebted nation, such as Greece, switching currencies again is irrational. Defaulting may present a better option, says Wolfgang Buehler, a professor of Finance at the Australian School of Business.