You know you are in trouble when politicians use emotional terms to explain technical issues. Brainy-German chancellors are no exception. According to Angela Merkel "If the Euro Fails, Europe Fails".
The question is: how does one go about defining "failure" for the Euro? It is obvious that the Southern countries are not competitive. Should they exit the Euro or endure decades of deflation? Does Frau Merkel seriously think the Greeks can lower their wages until they become competitive in Euros? How much will they owe at that point?
Given the amount of resources that are being spent on propping up Greece for the sake of German and French banks some may argue that the Euro is already a colossal failure.
Who knows, maybe 800 years of sovereign crises and economic logic don't matter. Maybe this time is really different.
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