• While there is some tailwind from the economy which lessen some of the economic contradictions of the eurozone, the political contradictions are still every bit as manifest.
• One of these is the result of the lack of a big central budget that automatically and stealthily redistributes funds from surplus to deficit countries.
• It’s replacement are very visible, and hence politicized bailouts create adverse political dynamics that can implode at any time.

Greece, Democracy And The Euro Constraints | Seeking Alpha