The present mess in Greece should be seen in a much broader context than in merely the context of imbalance in relative prices between the crisis countries and Germany and other northern countries. I think the mess also has a lot to do with the lack of an effective global regulation of financial markets and bond markets.
Just now in November 2012 the Greek state is paying almost 17 percent to refinance its debt on the bond market. At the same time the inflation in Greece is not even two percent. Meaning that the buyers of the Greek state bonds are getting 15 percent in real return.
At the same time the American Federal State is able to refinance its debt at the cost of almost nothing (US Treasury 2 Year Yield is 0,26 % and 5 Year Yield is 0,67 %). The USA would probably go broke right away if it had to refinance its public debts on Greek terms.
On the other hand if the Greek State could refinance its entire debt on American terms then the Greek financial crisis would, if not go away, so at least become highly manageable.
Something tells me that this dichotomy is grossly unjust and calls for a strong handed global regulatory shake-up.