It's Time for Countries to Exit the Eurozone

Portugal has done everything to meet the conditions for its $101 billion bailout from the International Monetary Fund and the European Union. It is now in its third year of recession, and unemployment continues to grow, reaching 18 percent, with little prospect for improvement. Membership in the eurozone, which makes many of Portugal’s exports relatively expensive and, therefore, uncompetitive in the global market, adds to that nation’s woes, as it does to those of Greece, which continues to drown in debt despite an effective default on privately held bonds.