In the News (from The Economist): “Unless Germany and the ECB move quickly, the single currency’s collapse is looming …
“A Euro break-up would cause a global bust worse even than the one in 2008-09. The world’s most financially integrated region would be ripped apart by defaults, bank failures and the imposition of capital controls…The euro zone could shatter into different pieces, or a large block in the north and a fragmented south. Amid the recriminations and broken treaties after the failure of the European Union’s biggest economic project, wild currency swings between those in the core and those in the periphery would almost certainly bring the single market to a shuddering halt. The survival of the EU itself would be in doubt.”
My Comment: There is anxiety and joy. The anxiety is due to the dramatic turn of events, and the joy is due to the fact that they take place. There is a hope that the “patient” will finally listen to the “doctor” and will not accept the “band-aid,” but only the real medication.