ABSTRACT
European political leaders, as well as European public opinion, are becoming aware that the accumulation of last chance summit meetings and of cosmetic measures are not sufficient to save the Euro. The precedent of the Hamilton Plan of 1790, which saved from bankruptcy the young American nation, can be a useful reference for the European debates. The Declaration of Independence of 1776 and the Constitution were limited to the mere definition of the rights of citizens and the balance of power in the newly independent nation. The founding acts left the bulk of sovereignty to each of the 13 colonies. As the salvation of the nation was at stake, the leaders of the Revolution were not concerned by the weight of public expenditure, thus the former British colonies had borrowed heavily to finance troops and arms purchases. When peace was established, the issue was how to pay back the debt.
