If there’s one other casualty of the current crisis in Greece, its my Euro-optimism. Over the past couple of weeks I’ve transformed from being optimistic about the Euro, to being totally pessimistic about it.
The only way the Euro can work is if there is a transfer of wealth from the richer members of the zone to the poorer members. In return, the richer members get a lower exchange rate, which is massively beneficial to their exporters. If this transfer doesn’t take place, then the Eurozone will collapse.