Eurozone on the brink
“The eurozone has ten days at most”, wrote Wolfgang Münchau, the sober, economically-orthodox commentator on European economics for the Financial Times, on 28 November. “Unless something very drastic happens, the eurozone could break up very soon”. Already, he says, with the rise in the interest rates that governments have to offer to sell bonds [IOUs repayable after a fixed period of years], and the banks finding it increasingly difficult to raise funds, “important parts of the eurozone economy are cut off from credit”. The European Summit deal of 27 October was no good. It was supposed to...