euro-economic meltdown

The euro now threatens the world with economic meltdown por Christopher Booker:

Right at its heart, the single currency was based on two crucial flaws. On the one hand, its founders took pride in the fact that all the countries which joined it could borrow money at a single, low interest rate.

Exactly as predicted, the Greeks, the Irish, Portuguese, the Spaniards and others all borrowed hundreds of billions of cheap euros as if there was no tomorrow — enabling each of them to enjoy runaway economic booms, which were hailed as wonderful examples of how ‘Europe was working’.

We could be entering the darkest time the world has seen since World War II. And the terrifying fact is that, as yet, not one of Europe’s supposed leaders has the slightest idea what to do about it.

Instead, they have resorted to the final desperate measure of attempting to bail out the countries in crisis by chucking at them ever more astronomic sums of money, which the hapless recipients have little or no prospect of ever being able to pay back.