''THE EURO HAS NO CLOTHES'' or THE EURO 2.0 by ROGER COHEN N.T.TIMES

''..It’s also true, and here the German Chancellor Angela Merkel is right, that the 16-member euro zone can’t carry on this way, socializing the private losses of the banking system and engaging in a kind of multi-billion-dollar shell game that does away with moral hazard. (O.K., the U.S. has done much of the same.) After the $975 billion European Financial Stability Facility that brought no stability and now Ireland, where will the next bailout come from?..''
''..Yes, the League of Nations collapsed, but it did lead to the United Nations. The euro may also unravel but the idea is too good not to return in force. Between the League and the U.N. lay catastrophe. From here to euro 2.0 is not going to be pretty..''

read more..