Endgame draws closer as the euro teeters on brink
Political will to defend single currency has been reiterated, but at what cost for member states, asks Jody Corcoran
Published 07/08/2011 | 05:00
The endgame is just months away, at most: break up the eurozone -- or appease the markets, create full fiscal union, unleash massive austerity and to hell with the voters.
"The political will to defend the euro should not be underestimated," European Commissioner for Economic and Monetary Affairs Olli Rehn said last Friday. Take a cue from that.
Nor should we underestimate the ability of the 'euro elite' to talk 'euro babble'. He added: "Since the onset of the crisis, euro area leaders have always proven that they could take the necessary decisions in a continuously evolving situation."