That is not how this works. The value of the Euro is depressed compared to what it would be if the deficit running regions were not part of the common currency.
Ok, but surely thats true with the dollar too? Some states depress the value the dollar would have if only NY and California were in the Union?
Yes, it is true, but the difference is that the US is also a fiscal union, which is not the case with the EU, making it fundamentally unworkable in its current state.