I highly doubt the Euro will have any significant value within the next few years. As one country, the US by volume has more external debt, but if you combined the Euro zones as one country, their external debt per-capita is much much higher.
The US
GDP is $14 trillion as our external debt is the same. Now compare this to England where the GDP is $2.7 trillion as external debt is $8.9 trillion. Meaning, their external debt is 400% of what the the country grosses as a whole as 1/3 of tax revenues, pay only the interest on the debt as they borrow more principle totally $8.9 trillion.
There are
much worse countries like Ireland. Here's a simple example/scenario for all to understand, your average Irish citizen earns $36k yearly. Let's say they were also given a national credit card issued by the government. Their cards as of now, would have an outstanding balance of -$566,000. After paying the basic necessities like room/board, the rest of the income must pay down on the minimum interest owed, without ever having enough to pay/reduce the original debt.
Finally, the
ECB is not the Fed Reserve and can't simply print more money without all members agreeing, as we're seeing countries like Finland demanding collateral, as Greece refuses, but needs more money so the country can actually function. In short, they're union is not like our US Congress and takes time for all of them to agree on something.
Although, they'll want/need to devalue the Euro so inflation eats some of the debt, they can't because the EU members voted a type of
Weimar republic clause for the Euro.
Currently it's turning into a circus and typical Europeans who refuse to take responsibility for themselves and only focus on the other guys problems to hide theirs. It won't be long before countries with the most debt start dropping from the EU zone causing financial collapse as the remaining members cannibalize their resources to subsidize their own debts.
The Americans know this too as we've manipulate our own markets to make everything appear all is okay, when in truth, our dollar is collapsing because the Fed Reserve refused to let banks fail and let the markets correct themselves like a true capitalistic society.
Don't believe me? - When have you seen the dollar and gold devalue at the same time?
What does all this mean? - Get your money out of banks/markets because eventually they have to fail to correct themselves or we'll be bartering for goods and services because currencies will be worthless.