Sunday 22 April 2018

Alan Wheatley: The nightmare for Europe's leaders that they dare not contemplate, but which is no longer far-fetched

Angela Merkel. Photo: Reuters
Angela Merkel. Photo: Reuters

HERE’S s a nightmare for Europe's leaders to ponder as they prepare for yet another summit to tackle the euro zone crisis: a bond auction fails in Spain, spreading solvency worries to Italy and beyond and triggering uncontrollable bank runs that spell the single currency's end.

Is such a scenario likely? Policymakers hope not. Is it possible? They fear it might be.

What is beyond dispute is that more and more economists and academics are asking whether the euro's problems are so deep-rooted that the currency is beyond salvation.

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