Saving Euro.But How?

The Baton of saving Euro is certainly with world's third biggest economy.Germany holds the key to Europe.Though, it did let France take the political initiative, however the financial power is certainly with the country.
There is an opinion that by going for sharp budget cuts and tax rises,one is undermining growth.One can go slow and steady.If the small economies go into recession, it will only impact government debts.
One can clearly understand that Greece is insolvent, while Italy and Spain are Solvent, just that they are short of cash.

• Let Greece default.Debt restructing of Greece.(re-organize debt,where creditors do not face total loss, but will have to forego approx 20% of the total amt given to Greece.That way at least, they don't  face total loss.

• Full financial backing for countires like Italy,Spain,Portugal.

The problem with Greece is, it needs money to finance the basic functioning of its government.Europe, should create firewall around solvent governments.At no cost,they be allowed to default.At the moment though, Spain and Italy owe 2.5 trillion euros.

If the Break up EU happens, people reckon, it will be at the cost of 40-50% of GDP for small countries,while 20-25% for the core country.

Even if there is backing, for other countries, how can you let reckless governments of Italy and Portugal run away with the money of Germans?
Well, i think the initial idea of EURO was to provide an alternate currency to USD,for trade.And its failure is certainly going to have effects on countries like China,Iran etc.Therefore, it just might not fail.