HJ: Everyday we get one step closer to the inevitable breakup of the eurozone. Now, if everyone would just stop dragging their feet and let things happen organically and how they may, we might actually get to the recovery much quicker than with all this prolonged stalling. – Truth
The Economist | Aug. 10, 2012, 11:21 AM
Surely Germany’s long-suffering chancellor must be tempted, given the endless eurobickering over rescues that later turn out to be inadequate.
How she must tire of fighting her country’s corner, only to be branded weak by critics at home.
How she must resent sacrificing German wealth, only to be portrayed as a Nazi in some of the very countries she is trying to rescue.
But for this very practical woman there is also a practical reason to start contingency planning for a break-up: it is looking ever more likely. Greece is buckling (see “The euro and Greece: Postcard from the edge”). Much of southern Europe is also in pain, while the northern creditor countries are becoming ever less forgiving: in a recent poll a narrow majority of Germans favoured bringing back the Deutschmark. A chaotic disintegration would be a calamity. Even as Mrs Merkel struggles to find a solution, her aides are surely also sensibly drawing up a plan to prepare for the worst.
Read the rest of the article here: Business Insider
