Calls for a Greek pullout ludicrous

The Greek sovereign-debt crisis and the attempts of the European Union to quell the simmering pot before it boils over is commanding international attention.

The sovereign-debt problem isn't in any sense the end of the eurozone. The foreign-exchange rate of the euro may fluctuate against other leading currencies, as is to be expected in a floating-rate regime, but Greece isn't going to withdraw from the eurozone, nor is it likely to be expelled.

Whatever the legal position, the view that Greece, or any other country in the throes of recession, should withdraw in order to benefit from devaluation of their currencies, is simply ludicrous. It is difficult to introduce a new currency at the best of times. But when the first item on the agenda of a new currency is likely to be a substantial devaluation, the mere suggestion might be sufficient to spark a civil war between creditors and debtors.