But basically we still get to the point that growth in some parts of the eurozone was based on unsustainable debt-funded consumption.

You conveniently gloss over the fact that the Eurozone's institutional makeup restricts public sector debt but leaves private sector debt unrestricted on the premise that the market will provide. Evidently, not only is that legal framework nothing but condensed neoliberal ideology, but unrestricted risks will give rise to profit opportunities that will be exploited by economic agents. So private vendor finance of German exports fuelling a bubble of elephantine proportions was a plausibly predictable outcome of the Eurozone's own institutional construction. And nothing is being made to address that. They're doubling down on the dismantling of the public sector which was a predictable consequence of the Maastricht Treaty.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman