The continuing Euro Zone crisis-Permanent bailout fund

First of all the Euro continues to get roiled due to the weak and the inefficient economies lumped together with the not so weak and relatively healthy economies. It started with Greece, then Ireland and the next targets are Portugal and Spain and who knows maybe Italy too. Anyway after all the commotion still going on, the Europeans have decided that some economies are too weak to work on their own and they don’t want those economies to drag down the Euro currency and so they have set up a permanent bailout fund. Since with all indications suggesting that any country leaving or getting kicked out of the European currency will have serious consequences, with this fund, they will continue to keep hostage the whole European union, since they will know that even if they perform badly, they will have access to the funds due to the fear and desire of the stronger economies to continue to have this Currency intact.

Does it really make sense in the case of the European Union where each country is different and the European Union has no control of how the budget of different countries gets passed? Some would suggest that since the United States is in the same situation, that the Federal government would not let any state fail, so they will help that state with whatever means necessary to stop the domino effect.