Eurozone survival in danger
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It is looking increasingly unlikely that the Greek financial crisis will be the last tragedy facing the eurozone.
The Greek affair is still unresolved despite going on for months. No one seems prepared to take decisive action to resolve the problem one way or another.
Even worse the International Monetary Fund (IMF) has had to be brought in to help out. This alone suggests the eurozone is unable to resolve its difficulties without external help. (article continues below)
Meanwhile, several other eurozone states are looking increasingly vulnerable. Business Week quoted Kenneth Rogoff, a former chief economist at the IMF, as saying:
“It’s more likely than not that we’ll need an IMF program in at least one more country in the euro area over the next two to three years.”
Under such circumstances the eurozone’s survival must be at stake. It is certainly not becoming the harmonious economic bloc that its founders hope for.
