"[the Euro] is a burning building with no exits"In that he was correct, however it doesn't mean that exit is entirely impossible. It's clear in the current circumstances that, due to a lack of proper exits, a form of 'mouse-holing' is occurring - to exit rather than enter. The flight from the eurozone is gaining momentum and by any means necessary.
Both Merkel and Sarkozy are grandstanding with statements of their relevant positions that haven't changed in substance in months if not years. This no longer has anything to do with saving the Euro but protecting their legacy especially with their domestic audiences. And everyone else has cotton on. The breakup of the Euro is increasingly being discussed less like an option but more as an inevitability. China has given up:
China tells Europe: You are on your ownCEOs of major companies are giving up:
China, one of the few countries with pockets deep enough to buy up Europe's debt, cannot use its £2 trillion in foreign exchange reserves to rescue other countries, Vice Foreign Minister Fu Ying said yesterday.
It is one minute to midnight for the euroAnd Sir Mervyn King has given up:
That is the view of the chief executives of European giants Shell, Philips, Unilever, DSM and AkzoNobel, revealed in a letter to Dutch paper Het Financieele Dagblad. They are running out of patience with Europe's politicians.
"It is one minute to twelve and is therefore of the utmost importance that there will come a strong handling of the euro crisis in the short term," they wrote, demanding "political courage" to create stability."
But in my several decades as a financial and economics commentator – covering banking crises dating back to the early 1970s and the Latin American debt catastrophes of the early 1980s – I have never heard a sitting governor talk in such apocalyptic terms about the parlous state of the global financial system.It's all over chaps, please get on with it and in the most orderly way possible. Thanks.