Will Europe Abandon The Euro?

A very interesting article from Germany’s Der Spiegel, which has been undeniably pro-European and pro-Euro. But now, with the mounting debt crises in Greece and elsewhere in Europe, there is talk of the previously unimaginable: abandoning the Euro. Or at least the need for a “Plan B.” From Der Spiegel:

“In the past 14 months, politicians in the euro-zone nations have adopted one bailout package after the next, convening for hectic summit meetings, wrangling over lazy compromises and building up risks of gigantic dimensions.

For just as long, they have been avoiding an important conclusion, namely that things cannot continue this way. The old euro no longer exists in its intended form, and the European Monetary Union isn’t working. We need a Plan B.

But if it wasn’t for the euro, Greece’s debt crisis would be an isolated problem — one that was tough for the country, but easy for Europe to bear. It is only because Greece is part of the euro zone that Athens’ debts are a problem for all of its partners — and pose a threat to the common currency.”

The full story is here.


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