Italy faces 'horrible martyrdom' while in the eurozone

I've found this nice peice in the Telegraph thanks to Tim Worstall that Italy faces 'horrible martyrdom' while in the eurozone thanks to having fixed it's exchange rate at the wrong rate when it entered the Eurozone. This is the same thing that happened when the UK entered the ERM at the wrong rate, but with that we still had our own currency for when we we're blasted out of the ERM, which is one of the reasns why sceptics where so worried about entering the Euro fearing that the same thing would happen again. Well, once again, the sceptics where correct. Luckily this time it is another country that has this problem, and not the UK.