Published 16/09/2011 | 05:00
•Is this generation of political leaders the worst there has ever been since the 1920s?
There has been a financial crisis, caused by bad governance and cronyism at national and EU level, for the last four years. But it is only now the political class is starting to face up to the fact that it is not financially possible for the taxpayers of Europe to underwrite all the debts incurred by professional investors for the sake of the ego of some unelected German and French technocrats at the ECB.
Sooner or later, Greece will default. Professional investors must face up to losing their capital and there will be eurobond and treaty reforms to give the euro the political powers a currency needs. The question is how much more damage will be done to the European project before this reality is accepted by the most out-of-touch political class that the EU has ever seen.