Can someone give me a simplified explanation please.

I will say this though, if Europe can agree on a single fiscal policy (Which is not what we would ever want to join i might add) then the EURO could potentially be saved and in fact be a good currency.

At the cost of it being rather authoritarian...though we wouldn't have months/years even of talking and no definite action taken (Kicking the proverbial can up the proverbial road is not action).
 
So we are saying the EURO is going to go belly up ? Chances of this happening ? 80%? 90%?

Difficult to say.. It was sort of doomed as soon it was created. It never really stood a chance, because the countries included varied wildly in their socio-economic development.

What Greece does now determines the Euro in the short term. Either they will be bailed out, and we will be back here again in a year or two. Or they will default on their debt, bringing down the other weak european economies too, leading to a big big mess within months.
 
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