The modern Greek tragedy, the Grexit, the euro zone crisis and the currency wars

In this paper we support that, mainly Greece and to a lesser degree the European south are the victims of the overvalued euro and of the strict austerity policies imposed under Berlin guidelines. Most of the faster growing countries support their exports with controlled currency devaluations, as a basic instrument of their independent monetary policy. They follow the Chinese example of implementing proper soft monetary policies, in the light of the present currency wars, mainly between the dollar, the euro and the yen. Greece has surrendered this basic weapon of currency sovereignty to Berlin, whose main concern is the strengthening of the euro, in an effort to verify the German economic and political supremacy. Yet even for the E.U. as a unique entity, this policy appears to be wrong and the virus of stagnation from the south is gradually invading the north. The overvalued euro,  the austerity policies of the euro zone, together with the malpractices of the international markets, are mainly to blame. The imposition of an optimal currency area such as the euro zone in totally different economies and without a fair   political umbrella, has been wrong. For Greece it has been catastrophic. Our   economy is mainly based on tourism that requires a labor-intensive production process. Labor costs can not be compressed below a certain level, so that the total production costs will be lower or