This video is depressingly close to the truth. I wrote a few more notes on the Euro bailout here.
One other note, recently I seem to be writing a lot of criticism on the EU, ECB and Eurozone in the way they have been mismanaging the economy and this crisis (see: failures of ECB). But, this doesn’t make me a Eurosceptic. You can support the fundamental idea behind a project without supporting the details policy.
European peace, stability and prosperity since 1945, is one of our great success stories. I want the European economy to succeed. I just fear that if we allow a prolonged period of austerity, pain, recession and deflation to dominate European economies then we will end up with a growth of nationalistic sentiment and disharmony.