An Open Letter to the 'Weak Sisters' of Europe: Leave the Eurozone and Default

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NEW YORK (TheStreet) -- In my previous article, "Why the 'Weak Sisters' Should Leave the Eurozone," I argued that Greece, Ireland, Portugal and Spain should leave the eurozone. Why? Because at the euro exchange rate they must accept as long as they are in it, their costs are too high. Their costs being too high means their unemployment rates will remain at unacceptable levels and their trade deficits will continue.

This article takes the form of an open letter to the presidents and finance ministers of these four countries.

Ladies and Gents:

This is not the time for you to be sitting on your hands trying to be euro team players in hopes the leaders of the eurozone will solve your problems. They will not. They only care about saving the banks that foolishly bought far too much of your debt.

Were you partially to blame for the eurozone mess? Of course. But you are not actors in a morality play. Your job is to do what is best for your citizens, and that means getting out of the eurozone and defaulting on your debt.

Rest assured, it will be a messy process, an open invitation for corruption on a grand scale, and other unexpected surprises. But you should still do it. If you don't, your unemployment rates will go even higher and your trade deficits will exhaust your already depleted international reserves. In essence, your costs are too high, and getting out of the eurozone and defaulting on your debt is the only way to get them down.

What Needs to be Done

1. You must issue your own currency and make it legal tender for purchases and sales in your country.

2. You must default on all or part of your international debt.

Issuing Your Own Currency

This is a complex and tricky business. I offer guidelines below, but technical details will remain to be worked out.

The President should announce that the country will be leaving the eurozone in 30 days. Thirty days should be enough time to get currency printed up.