EU leaders split over crisis
The European single currency is facing an 'inevitable break-up' a leading French bank claimed yesterday.
Update: More optimism today as Greece has 30 days to show more restraint in spending. The devil will be in the details, the euro and many European banks stand to lose if Greece cannot be propped up, then Spain and Portugal need to be addressed.
Update: The pain in Spain... The Making of a Euromess even Krugman can see:
It’s an ugly picture. But it’s important to understand the nature of Europe’s fatal flaw. Yes, some governments were irresponsible; but the fundamental problem was hubris, the arrogant belief that Europe could make a single currency work despite strong reasons to believe that it wasn’t ready.
