'The remorseless logic of the monetary union is starting to bite' (
Financial Times).
The curse of the bad Deed (Goethe, Faust) haunts us - first the undemocratic introduction of the Euro, now the undemocratic decision of letting Greece off to the tune of Euro 10,000 and more per man, woman and child in that county. Mismanagement on that scale can, will and should only lead to disaster. Big challenge for Britain: how to make its financial system 'fireproof' against any fallout from Euro land. Are regulators making sure that the banking system disentangles itself from any exposure to Euro land? (esp on the asset side of the balance sheet). Other countries that are not part of the Eurozone are well advised to take action as well before it is too late. The same can be said of all companies, institutions and individual investors and savers.
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