New single currency constitutes risks for the euro?

It may be possible to find someone within the ECB or EU Commission who would be willing to confirm the debt levels, can most definitely not be fulfilled any longer, as the IMF made it clear in writing yesterday that the Greek debt is "highly unsustainable". The IMF had pointed that out in a similar manner before the negotiations started last weekend. 

"The way the ESM is used illustrates the misconstruction as pointed out by Krugman and thus also the risks for the long term stability of the euro. A simple glance at the ESM treaty illustrates two legally binding conditions for aid payments from this pot. The financial stability of the entire Monetary Union has to be at risk. The debt levels of the country that is to receive aid have to be sustainable. Whenever possible the IMF is to be involved in ascertaining these facts", says Commerzbank. 

Neither the Finance Ministers nor the heads of government seemed to have been fussed by that. They use the ESM as a pot to rescue an over-indebted member state so that this country does not have to introduce its own currency, even though the ESM was only set up to prevent healthy countries from being affected, i.e. to make the exit of an over-indebted country less threatening. 
So if Mr Krugman points out that the misconstruction of the single currency is becoming increasingly obvious that is also due to the fact that the politicians are not prepared to live by the current rules. However, it is not the lack of redistribution within Europe that poses a risk for the euro but the fact that existing treaties are not adhered to so as to avoid the no bailout clause. 

"The fact that the politicians are de facto creating a new single currency is what constitutes the risk for the euro. And they are doing that in all night meetings that are not open to the public and lacking an agenda. The ECB clearly considers all Greek banks to be solvent as otherwise ELA support would be strictly prohibited", added Commerzbank.