Saturday 23 September 2017

Europe must grasp chance to stop doomsday machine

The G20's 'grand plan' is far from perfect -- but it could buy the time to defuse the euro crisis, writes Jeremy Warner

Benjamin Franklin's famous remark that "we must indeed all hang together, or, most assuredly, we shall all hang separately" was much in use among G20 finance ministers last week, meeting in Washington to address the crisis facing the eurozone.

There was always a delicious ambiguity about this observation, which is even more apparent when applied to the travails of the single currency. Franklin could have meant that it is better to act together in pursuit of salvation than to face the noose alone -- or simply that, if you're going to die anyway, it's nice to have some company on the gallows.

As far as the eurozone is concerned, the latter interpretation is starting to look depressingly convincing. The probability of the 17 member states going down together, and pulling the rest of the world with them, is rising by the day.

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