Will the euro live through the Greek crisis?

LONDON — The British, who have not joined the single European currency, have watched somewhat complacently the development of the economic crisis in Greece. They have been happy to leave Greece's rescue to the other countries that use the euro and to the International Monetary Fund.

The 110 billion euro package, recently announced and accepted by the Greek government should be enough to keep the Greek economy going for the present, but observers fear it will not prove adequate in the long run and that the Greek government may not be able to withstand the social unrest to enforce austerity measures that organizers of the bailout have demanded. The crisis has raised fundamental questions about the viability of the single currency. Can a single currency be sustained without the coordination of fiscal-monetary policies?

Although the United States has a single currency with significant powers delegated to the states, fiscal and monetary policy rests with the federal government. States and districts can borrow and default without taking the whole system down.