European Debt Crisis

The European debt crisis has begun to spread from weaker countries to stronger ones and the borrowing cost across the Continent rose as investors are disappointed and confused.In next few weeks,the bond investor will leave the Europe's weakest economies-as a result, the soaring bond yields could lead the euro zone to implode.The last thing will happen as one country after another will default on Himalaya like debt. So,what are the solution to these problem ?In my view ,there should be a separate currency for Northern European Countries and Southern European Countries.Greece,Ireland and some countries with Himalaya like debt should leave the Euro.As a result,devaluation will lead people transfer deposits to other Euro-zone banks,leading to catastrophic bank runs.If Ireland,Greece and other debted countries stay with euro,bank runs and financial crisis will happen anyway.Another solution to these problem is a 'Brady plan'(after Nicholas F.Brady,who helped Mexico and other Latin American Countries to restructure debt.)But the problem with the so called 'Brady plan' is that the bond holder have to take 30-35 percent loss in exchange for new,longer dated debt.So,in my view,leaving the common currency is the only solution to these problem.