Münchau: a breakup of the eurozone must now be considered as a probable scenario.
Once the crisis hit Italy, followed by an absolutely inadequate policy response of the Italian government, the crisis has reached a point of No return.
Italy is too big to save with the current set of instruments, including ECB bond purchases, and in the absence of a credible programme of eurobonds,
he concludes that a breakup of the eurozone must now be considered as a probable scenario.
The question is now whether and how the EU can survive such a cataclysmic event.
Wolfgang Münchau in his column in FT Deutschland, ref. by Eurointelligence 21 September 2011
Italy is too big to save with the current set of instruments, including ECB bond purchases, and in the absence of a credible programme of eurobonds,
he concludes that a breakup of the eurozone must now be considered as a probable scenario.
The question is now whether and how the EU can survive such a cataclysmic event.
Wolfgang Münchau in his column in FT Deutschland, ref. by Eurointelligence 21 September 2011
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