MMT economists like Bill Mitchell have been urging EZ peripheral countries to leave the EMU and reassert currency sovereignty. Bill has also cited the example of Argentina in dealing with a similar issue by defaulting and moving on.
Here is an article for the file on the Argentina experience, illustrating the point with sociologist Norma Giarraca offering essentially the same advice, albeit without the MMT analysis behind it.
The 2001-2002 crisis was the result of adjustment policies prescribed by the International Monetary Fund (IMF) in the 1990s, the same policies that are driving Europe's present situation," sociologist Norma Giarraca told IPS.
￼ Read it at IPS
Argentina Shows World How to Beat the Crisis
By Marcela Valente