Well with Greece more than likely to not manage to cut its debt enough to get the With Greece unlikely to cut its debt enough to receive its next bail out money and with France looking to renegotiate the Euro zone debt treaty one must wonder what will happen.
In my humble opinion I expect Greece to leave the Euro Zone and the EU as well, possibly followed by Spain and other countries. This will allow them to devalue there new currency and so help them deal with there economic troubles. However leaving the EU will cause different problems from just not using the Euro any more. I believe they will have to leave the EU as its the only way out of the Euro.
Once they are no longer EU members, all there open trade with other members will stop and they will have to negotiate new deals on tariffs etc. It will also make trading harder for other nations to them like the UK as we will have no credit guarantees with them.
Even if its only Greece who leaves, and I doubt it will be, then cross European trade will struggle. Will Germany feel that it is becoming rejected as a co leader of the Euro Zone, and retreat into it self.
That is the option the EEC was initially set up to avoid.
Now I am not saying that Europe will fall into war again, but there is always the likelihood that it could happen in the future, also the breaking of the EU could accelerate the rise of the Right Nationalist parties. They are already gaining strength in many European countries and if they managed to gain power who knows what might happen. History tells us it might not be nice.
With the decline of Christian morals and the rise of corporate and individual greed, countries and people might soon be looking with envy on what other countries have…