Does the Euro have no place to go except Down?

Ingrained socialist European nations will view their recent bailout as a socialist perk they are entitled to, even expected, It is doubtful Greece and other failing European nations will invoke significant cuts in government spending on free public programs or initiate the austerity measures required to stop their nation's bankruptcy. More European countries were stronger prior when each stood independendly with their own separate currency, valued on their own separate productivity. In 2002-2004 many economists doubted a single European Union currency, the Euro could fairly represent the value of many countries at one time, citing…since when is Italian currency worth per unit the same value of the German Mark? The Euro at some point may be worth no more than recycled paper.