Stalker was a bit amazed to hear one UK Treasury official categorize the probability of the euro currency failure at 1.7%.
That may not sound like much, but the problem is that there should be a zero probability.
Any chink of a hint of failure of the currency is a major concern. The next thing then Gordo, a.k.a. Gordon Brown, has come out to say that he expects there to be a dramatic crisis within the currency in the early part of the New Year. Maybe everything will be OK then!
Seriously though there is obviously a problem and we could well be looking at the beginning of the end of the single currency.
Probably not in the immediate future, but over the medium term the prognosis is not good.
Think of a family squabble over a will and how they turn out – with European economies going belly up, the analogy is not invalid.
With Spain now reportedly facing a €300Bn bill to fund its debt and banking sector next year, with credit agencies circling to downgrade the country, the eurozone debt crisis is set to escalate.
