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The trouble is, the potential flaw looks highly likely to be tested sooner or later if Spain is indeed forced to take austerity measures.
That is partly because the disparate interests within the euro zone make it difficult to force weaklings like Greece to take austerity medicine, and just as tough to persuade the bloc to help out.
The E.C.B.'s actions have been especially damaging because they've come at a time when, in response to the debt crisis, European countries have been forced to take austerity measures, slashing government spending and raising taxes.
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With a $3 trillion deficit in the US, with legislators in the UK taking austerity measures and the entire nation of Germany considering a bailout for the entire nation of Greece, governments haven't exactly earned the trust of their people, whether they be mega-rich or on the poverty line.
And Greece can hardly take more austerity.
The poorer countries will have to take more austerity medicine to curb their borrowing.
I could not take the austerity of the Alaskans, not to mention trekking to the outhouse in freezing weather.
The economic crisis has also battered both those who are having to take harsh austerity measures and those having to lend them money.
The agreement, which was instituted last year and comes up for renewal in March, requires that members lower their profit margins, work more efficiently and take other austerity measures to help make development projects more economical in the downturn.
Greek prime minister Antonis Samaras, who had personally negotiated the deal, announced that the government would re-advertise the sale and not take further austerity measures to fill the financial gap created.
The commission's latest growth forecasts intensified concerns that, as some members of the euro currency union take tough austerity measures to appease the debt markets, they are stifling any chance for economic growth that might help pull them out of financial distress.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com