Sooner or later the resistance to nominal wage cuts will fade (when the pain gets intense enough), salaries will fall, and you'll see an export-led resurgence. But if this will require 3 years of recession or 10, is an open question.

But I think it far more likely that before the levels of pain needed to achieve that are reached, countries will choose to leave the Eurozone.

Peak oil is not an energy crisis. It is a liquid fuel crisis.