December 1st, 2011
07:36 PM GMT
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London (CNN) - Sir Mervyn King’s words today are chilling. The eurozone crisis is “extraordinarily serious and threatening” the Governor of the Bank of England said, and the UK’s central bank was drawing up contingency plans in case the zone breaks up.

This is the icing on the cake that has seen more and more politicians and commentators postulate the unthinkable: a breakup of the zone and the currency. The Economist starts this week’s lead article “even as the eurozone hurtles towards a crash.”

For some weeks now I have believed that such an event was nigh on impossible - surely, I reasoned, politicians would do what is necessary. The Economist says the “consequences are so catastrophic that no sensible policy maker could stand by and let it happen." With such ringing words I think it is worth distinguishing exactly what we are talking about.

I do not believe that the euro, as a currency, will disappear. Three hundred million people use it in their every day life. If the euro were to vanish, then we really are talking about turning the lights out and saying goodnight.

As for the eurozone, it’s a different matter. The eurozone probably won’t survive in its current form of 17 countries. The moment George Papandreou – when he was Greek prime minister – announced that his ill-fated referendum would be a “yes or no to the euro” a rubicon was crossed. The referendum didn’t happen but the incident left behind the concept that membership was no longer irrevocable – contrary to what the EU Treaty says. A country could say “we’re off.”

As the strains start pulling apart the economics of the project, something has to give - or the eurozone in its current form will collapse. This may involve one country leaving (or being kicked out) or a group of countries going off on their own. We can’t know yet.

If it is on the larger scale of failure, I promise you, it will be a catastrophe the like of which we haven’t seen. Banks will fail. Companies will go out of business. Jobs will be lost. People will be saddled with debts for generations. Civil unrest is entirely possible.

If it is just one or two countries being booted out, then the disruption will be much less for the rest, but pretty horrible for those countries involved.

Throughout all of this the euro, I have little doubt, will continue in a truncated form. Those using it will be left with an international weakling - ridiculed and ignored as a serious player. Europe will be the laughing stock of the world’s foreign exchanges.

The euro was a badly designed, poorly executed project whose problems were inherent at birth. The fact politicians failed to address them over many years is the reason why we have reached this nasty place.

soundoff (73 Responses)
  1. Daniel


    December 1, 2011 at 7:52 pm |
  2. KT

    Standard doom and gloom journalism. If Euro countries were to split off the euro it would be on an extended timeline with plenty of time to adapt. The main drawback would be it's use as a global currency reserve, which would probably result in more troubles for the US than anyone as countries would scramble into the dollar and deflate it significantly, hurting exports.

    December 1, 2011 at 8:24 pm |
  3. allen

    I have never seen a news agency that so badly wanted the Euro to fail other than CNN. They are really pushing hard for it.

    December 1, 2011 at 8:32 pm |
  4. thomas

    it must be in us and uk-interesst to talk like this. otherwise, nobody want's take greenbacks.

    December 1, 2011 at 8:45 pm |
  5. OzGlobal

    Looks like noone sees this article as journalism. It is a partisan rant. The question is why is CNN partisan and who is behind the scenes?

    December 1, 2011 at 8:46 pm |
  6. Larry

    The collapse of the Eurozone without the total elimination of the Euro or some similar multi national currency is a posibility. It is more realistic in the immediate future than the elimination of the Euro as a currency. The development of a multinational currency guaranteed by more than a politicians promises woulld be a positive step that could make the current pain and strain worth the agony. A "gold Euro" or some similar commodity based currency could replace not only the Euro but act as a reserve currency in lieu of or in addition to the US dollar. An interesting possibility to turn a problem into an opportunity.

    December 1, 2011 at 8:49 pm |
  7. william

    I hope it will fail, nobody was asked, no voting allowed,these Euro bureaucrats are mostly ex communists and socialists. All their experiments failed !! Stop the Euro, Stop the EU, bring back the EEC and fire these NON ELECTED CLOWNS.

    December 1, 2011 at 8:53 pm |
  8. emmanuel Rosenstingl

    It's a very complex matter. Largely dependent on the COMMON decisions of Merkel and Sarkzy (both triying to strike the best possible deal for their country)
    except for Greece the rest of the weak countries can probably be somehow fixed, and the banks will have to play their role or be forced to do so. The free market has become a fiction and should be reestablished.
    So mark my words the Euro will survive.

    December 1, 2011 at 8:56 pm |
  9. PJ

    Rather than disband the Euro totally, those weak countries should be expelled. Greece in particular since it lied its way into the EU and many of us no longer consider part of Europe. The strong countries could maintain a good Euro.

    December 1, 2011 at 9:04 pm |
  10. bahadır baş

    hahhahaa no production more then 14 trillion dollar debt.,., usa... can not be paid back, euro same greek bail out 2008 we erase your debt they said 110 billion euro ..l said what l send euro central bank my account number l want my piece hahaa no money transfer yet hhaaahaa greek bankrupt ireland italy same england ponzi game by rothschields or you can call elites freemasons cnn bbc federal reserves ..and try arap winter for energy freezing cold out there turkey akp democracy hahahaha ooo dear bric countries are loughing at you yes if you want you can start war everybody loose wmd...who cares after that how could it be .l see no way out...americans 99 percent europe england 99 percent those people who wants to live nicely in peace in their houses and work happily ...this is what your money printing machine owners rothschields elites can t see in their federal reserve bank.look at history no production not enough selling too much debt you go down down each day deeper when you reach bottom we all hear .mainstream media too much unreality.

    December 1, 2011 at 9:08 pm |
  11. Davis Bradley

    There's money to be made off of stories like this and Mr. Quest, no doubt, is cashing in big time.

    Clearly, Journalists have a stake in the outcome of the Euro or they wouldn't be so obviously one-sided.

    December 1, 2011 at 9:10 pm |
  12. ibuk

    The badly designed US Dollar did not fail even after the US politicians and Bankers screwed up in the biggest way possible over the last few years. So why does CNN write junk articles like this and not about the US Dollar?

    December 1, 2011 at 9:28 pm |
  13. jofo

    1 euro = 1 $

    December 1, 2011 at 9:29 pm |
  14. Odran

    Ummm the euro is still worth way more than the dollar you imbeciles, and the USA is in debt by trillions, American fuktards.

    December 1, 2011 at 10:09 pm |
  15. Basil

    Why don't you Anglosaxons (bankers in New York and London, US and British media) focus on your own problems and the fact that your badly managed, totally speculative banking systems caused the initial financial and economic crisis that led to the debt crisis in the first place (sub-prime mortgages rated AAA by US based rating agencies) instead of wishing for the Euro to fail. Whether you like it or not, the Euro will continue to be the strongest currency in the world and continental European societies are a better model than yours.

    December 1, 2011 at 10:12 pm |
  16. desert voice

    Tightening the belt has here an opposite effect (zaciskanie pasa działa tu w przeciwnym kierunku) – twierdzi waszyngtoński dziennik. Ma rację. Trzeba wymyśleć coś mądrzejszego. Niemcy mogłyby ogłosić Marshall Plan dla reszty Europy. Ale jakim kosztem dla Niemiec, i ... jakim kosztem dla Europy? Jasnym jest, że Radosław Sikorski przemawia głosem światowej kliki, która całkiem słusznie boi się upadku Unii Europejskiej, to jest głosem Ameryki włącznie. Ale czy "wzmocnienie Unii" coś pomoże? Dużo zależy jakie wzmocnienie, czy powiększenie władzy, czy powiększenie kieszeni? Na to ostatnie bym poszedł. Uważam, że trzeba zdwoić budżety krajów unijnych, które w niektórych przypadkach są jeszcze średniowieczne. Jeśli zaś chodzi o "potężny rząd imperialistyczny", to takie coś zaszkodziłoby Polsce, jej suwerenności. Europa nie Trzecia Rzesza. Dlatego, zamiast przemawiać w Berlinie, Radosław Sikorski i Donald Tusk, Angela Merkel i Jose Manuel Barroso, powinni przedstawić ich plan tu w Warszawie, aby wszyscy Polacy zrozumieli, o co chodzi! What I am basically saying is that in today's world problems won't be solved by stringent austerity. The reality of today is different than it was in the Industrial revolution in England, where you could starve entire cities without anybody saying a word! Today, people know their rights! We need something wiser than the tightening of belts! I wonder if germany is ready to announce a Marshall plan to save the poor European member countries? Germany is reluctant because of the cost. Europe is also reluctant, for it fears the specter of the Third Reich. The better solution is to simply double the national budgets of the Union, without imposing an "imperial government" with a single Hauptsturmfuhrer.

    December 1, 2011 at 10:16 pm |
  17. Derek

    Can and should be allowed to fail.

    December 1, 2011 at 10:23 pm |
  18. Durendal

    Anything can fail nothing is above the laws of physics including the Euro.There have been currency unions in the past and most of them failed because you can't have a currency union without a political union.The drafters of the Euro basically believed that this design flaw would create the incentive for greater political union.Thats why you constantly hear politicians raving about war if the Euro fails.If we don't unify into a super state for some reason we become intend on slaughtering each other again.As if nuclear weapons and WMD were never invented.Thats the reason there has largely been peace in Europe since WW2.Politicans who are naturally power hungry,wanted a European super state.Power and influence cannot be achieved by single European countries on their own.They are just too small and insignificant to stand up to the superpowers of this world.US,Russia,China,India,Brazil.So they push for power the only way they can which is to unify.Now there are no actual electoral majorities anywhere in Europe that want to abolish their own nation state but they just ignore the electorates and do it anyway.

    December 1, 2011 at 10:23 pm |
  19. Samuel

    i was so many times in the USA in my childhood and always liked to watch CNN News Channel but everytime i open this site i see sometimes bad researched or easy said wrong articles about Europe or my Country (Germany). Do you hate german people CNN ? Even the pictures about germany are extra the ones when the politicans made the worst face expressions (Merkel is ugly enough without that). The Euro wich is shown above, i never saw a dirty Euro like that, but its the picture wich want CNN to stamp on the peoples head. The Euro maybe is to strong for some countrys in Europe but it is not that bad as CNN trys to tell the World, why ? There is a crisys, but the crisys began in the USA and its still there and its far bigger than ours but only a few articles show that on CNN, why ? Maybe i dont see the crisys because i live in a rich country but i know its there but the Articles CNN write in the last month are a real shame.

    December 1, 2011 at 10:39 pm |
  20. jofo

    You see , after new year euro will fail ............ read the signs ( and i am from europe you stu.. imbecile)

    December 1, 2011 at 11:01 pm |
  21. David

    The euro will never fail! My german company love the euro, it let us make a lot of money every month!

    December 1, 2011 at 11:05 pm |
  22. tbkd8888

    as my idea,in any where,or any time,everybody must know the basical knowledge,what is ,do how much,you can be returned how more, you can be returned not want be returned more ,but do .less

    December 1, 2011 at 11:07 pm |
  23. Strangewalk

    Breakup of the Eurozone is now treated as a near certain inevitability by many serious economists, it is not fringe sensationalism. The past is without doubt our best means of forecasting the future since so many of the base dynamics of causation in operation then are still at play: In the face of crisis Europe will indeed revert to the well worn pattern of its historical norm and regress into nationalism and fragmentation; to become, as so many times before, the world epicenter of conflict.

    December 1, 2011 at 11:08 pm |
  24. Robert G

    In the future, there will probably be a move from Southern European Euro nations to Eastern European Euro nations.
    In the short term, nations like Greece and Italy will step out of the Euro.
    And in the long term, Eastern European nations like Poland and others will join the Euro.
    But it won't be soon that many nations will become new members of this currency in danger

    December 1, 2011 at 11:27 pm |
  25. Henk

    It`s obvious UK and US media and their bankers are sickeningly obsessed with making stories about the end of the Euro. They have been writing them for years now. They want it to fail badly to see their Anglo Saxon relationship more dominant on the world stage instead of the EU or the Euro. They want it gone as they have seen their influence on the world stage fall strongly in the last decade as the Dollar become weaker and the EU, China, India, Brazil etc becoming stronger.

    Not only that, it is the US Rating agencies and UK markets that have done more to harm the Euro then anyone else alive. The US with their endless treats of downgrades of stronger EU nations (while leaving the US at Triple A sitting on the largest Debt Pile in the history of the world/Only S&P has downgraded but by only 1 step). And the UK with their massive financial mob system that has been using all kinds of financial constructs to actually bet against the future of the Euro.

    All the while the UK has the largest disparity between rich and poor of any Nation in Western Europe! The US of any Developed nation! The US now has 50 Million Americans on food Stamps. 43 US States in monstrous debt. The Federal Government sitting on the largest Debt Pile in the world. UK tuition fees rising 3 fold making it impossible for any normal citizen to afford University. And the UK having almost no more export to speak off. Even the Netherlands with 1/4 the Population exports more (485Billion of Holland VS 411Billion of the UK in 2010). This Anglo Saxon desire for Europe to fail is becoming ridiculous. This is not news. This is propaganda pure and simple.

    December 1, 2011 at 11:38 pm |
  26. BigBadWolf

    While the UK and the USA keep screaming about the Euro's possible failure, they make their debts more attractive to buyers. The fact is that both their financial fundamentals (gross debt, public debt and deficit) are worse than the eurozone. That's why they desperately need the spotlight to point somewhere else.

    December 1, 2011 at 11:42 pm |
  27. Hiru_KSA

    Well, I've been following the Euro crisis for sometime now and have learned a lot and got proved some facts which were known to me already. As majority of the ppl have commented for Euro elaborating the failure of US Dollar, I'd say I'm also on the same ship. A lot of media who are supportive to US Dollar and USA as a whole, will be greatly delighted to see Euro leaves the market and members of the Eurozone fall apart. US has been in a graveyard for a long time which has been not exposed to the world or concealed intentionally ffrom the general public. The crisis started from the US it self. I would not say Euro & the Euro zone was a brilliant idea, where as top brass in the hierarchy who designed Euro could have analysed, negotiated, tested whatever the possible scenarios in the first place before implementaion. Currently, Euro zone members show signs of falling apart during this troubled waters, where they should be united under one flag to combat the catastrophe. Germany & France are trying to secure their places very cowardly or cunningly I would say for their selfish betterment. I hope other nation now have clearly understood it and find they are left with nothing but to beg their assistance facing the terrible conseqences for their stupidity of being joined in to Euro.

    December 2, 2011 at 12:04 am |
  28. Samuel

    @ jofuka – i hope you did not mean me !

    December 2, 2011 at 12:46 am |
  29. Dan

    Yawn, it's always some AngloSaxon news organization going "blah blah the Euro blah" guys, no single report on the general strike in the UK? I mean, talk to any European and you will see that whatever spews out of the US/UK media is anti European propaganda, nothing but propaganda.

    And if you happened to go to the streets and ask normal people in Southern Europe if they are pro or against the EU you will be surprised to see that the most staunch Europhiles are the Greek, the Italians, the Portuguese and the Spanish.

    December 2, 2011 at 12:50 am |
  30. Andyvon

    What rubbish! The Euro was only adopted in 2002 and only 17 EU nations use it now.

    For decades and centuries Europe's nations have had their own currencies and trade and exchange got along fine. There were no economic disasters as being forecast here! Even now most European nations use their own currencies such as the pound in the UK. It's the euro experiment that has failed! Let the eurozone nations readopt their former currencies and Europe's trade, exchange and economy will get along fine again. It always did!

    December 2, 2011 at 1:39 am |
  31. bigFreeMealOverForEurope

    Europe its Kudos! for you. The US may have debt but we have enough gold, tech resources etc to buy europe many times over!!. See yesterday, bernanke indectly bailed you guys out so be thankful to US and kiss US behind, ha ha ha. Euro is going down toilet, just 6 months back, the idiot sarkozy wanted to make euro global currency like the $$$$. Ha Ha Ha

    December 2, 2011 at 4:02 am |
  32. bigFreeMealOverForEurope

    Germany wants euro because they are financial dictators now. They cant militarily control europe like before, so they want to financially control it. Ha Ha Ha

    December 2, 2011 at 4:06 am |
  33. George Chen

    Badly designed Euro? Hardly at all. Euro is the perfect instrument to start fiscal union of continental Europe project ahead of political union, which is 2000 years late to China. In light of current financial crisis, it's a small price of pay compared to tumultuous history Europeans had to endure and suffer in the last five hundred years when Peace never last 30 years and War is a constant menace.

    Germany should stick to its original plan and never budge to France or lesser EU countries. Because only fiscal discipline and political integration can solve their crisis, unlike American always prefer kicking the can down the road thinking U.S. will never decline like Roman empire. This alternative is much better than marching German army all over Europe, or repeating WWII with every European countries trampled by Russian and American armies for 40 years.

    December 2, 2011 at 4:08 am |
  34. Dibgy

    Yes why the focus on the Euro ?
    Its only because the dollar is the world's main reserve currency and they are able to devalue it by "printing" more to boost US exports at the expense of the rest of the world.
    Many US states and cities are broke.
    Its housing market is stu...d

    December 2, 2011 at 4:09 am |
  35. bigFreeMealOverForEurope

    Hey Hiru_KSA US bailed out europe thrice so far aftger the world wars twice and once yesterday, so say your Thank you and be humble. Ha Ha Ha Euro is gone down the toilet so flush your euros quick and convert to $$. Also, US has enough reservese to back our debt unlike europe. The gold in fort knox alone is enough to buy half the work so Ha Ha Ha Ha Ha Ha! I can hear it now .... the euro flushhhinnng down the toilet. Convert to $$ quick Ha Ha Ha

    December 2, 2011 at 4:24 am |
  36. bigFreeMealOverForEurope

    Digby - fool. The US govt. is rich bud. All it needs is to let bush tax cuts expire next year, and deficits will be wiped out in the next five year. Do you know GDP of US and Europe read it on web and compare the same. Ha Ha Ha. Euro is a puny fly to US. Ha Ha Ha better convert yourself to $$ tomorrow ;-) Ha Ha Ha.

    December 2, 2011 at 4:29 am |
  37. Paul Johnston, PhD Economics


    December 2, 2011 at 5:18 am |
  38. Hiru_KSA

    @bigFreeMealOverForEurope : Lol..what a funny account is this man. (I hope u r a male). Don't try to boast ur selves and mind u this is a free world and true facts are out there. If u guys r rich, why the hell ppl are coming out on the streets trying to occupy everywhere ( I hope u were not arrested at the occupy Everybody knows that US is running not becase of you have wealth but u all have peeped into other's every bloddy single affairs and grabbed money from them. U ppl are scared to see others (Europe or China may be) showing the colors and conquring the market. Grow up man. Accept the truth and join us.

    December 2, 2011 at 5:45 am |
  39. Max

    The Euro will continue and improve. No way Germany, France, Holland, etc would allow it to fail. Remember it`s a brand new currency. That as any new currency is inherently weak. Germany especially just wants to press Euro nations to do what ever is needed to balance their Budgets BEFORE they would ever achieve assistance. It only makes sense. So the debt problems in certain euro nations will be stabilized over time.

    The Euro in itself is a strong currency that is now at 1.35 vs the Dollar while it was 1 on 1 only 8 years back. Don`t let the AngloSaxon News say otherwise, like it is doomed. They have been hoping for years that the Euro or EU would fail. It never happens. The ECB is now indicating it will expand it`s bond purchases. The IMF has now indicating they have 600 Billions ready to assist Italy. Brazil and others are now indicating they want to invest in IMF to help stabilize the Euro.

    The Eurozone will learn and improve. As a brand new currency being hit by the worst global financial crisis in a hundred years (that Started in the United States by the way), it is not exactly lucky. Yet it is holding on and taking all the steps (although slowly) to make it stronger for the future, including massive austerity. Lets do what is needed to improve the Euro and lets move on. Peace from Holland.

    December 2, 2011 at 6:23 am |
  40. China chance

    China is silently lurking in the shadows waiting to take one step closer to being world leader. The fall of the U.S. and U.K. will send them an open invitation. God help us then!

    December 2, 2011 at 6:46 am |
  41. Josef

    When the EU was in its enfancy, people got caught up in the excitement of how big and powerful it could become. Some countries (like Greece) would have never qualified and should never been allowed to join. They moved way too fast.

    December 2, 2011 at 7:11 am |
  42. douglasjames

    Looks like someone is pushing for failure.

    December 2, 2011 at 7:18 am |
  43. OzGlobal

    Be careful not to criticize the motives of this news agency or your comment will 'await moderation' indefinitely...

    December 2, 2011 at 7:22 am |
  44. Michel Bekkers

    How sad and pathetic that the Anglo Saxon 'analysts' will not miss an opportunity to bash the Euro and its members. Feeling pretty good about yourselves, aren't you?

    December 2, 2011 at 8:13 am |
  45. mmaker14

    euro in ICU now, give him electric shock so he will wake up again

    December 2, 2011 at 8:17 am |
  46. Hans Smallegoor

    It is clear companies like CNN and Time are on a mission to let the world forget about American financial problems by constantly publishing articles about "The fall of the euro". So much even that I can't stop wondering if there is some sort of political agenda behind it all. Of course there are problem, serious problems, but why do we need all this retoric about how the world is coming to an end, starting in Europe? Please mind your own business so to speak...

    December 2, 2011 at 8:20 am |
  47. wutdah


    December 2, 2011 at 8:42 am |
  48. Norman Nabatar

    Supranationalism blocked the concept of a unified Europe after the war. France was initially against it because of fears of a German revival of the Nazi Third Reich and a revived Holy Roman Empire. But as fate would have it, it is beginning to rise again. Many Christians of the Reformation see it as a fulfillment of a prophecy and is already a fait accompli. If we know, is it?

    December 2, 2011 at 9:58 am |
  49. Beve Stalmer, CEO, Macrohard

    Just like the Scandinavian Monetary Union (1873-1924) and the currency made up for it (the "krona") fell apart after a few decades, the European Monetary Union and the currency made up for it (the "euro") will ultimately fail. Ever since the Scandinavian Monetary Union's demise, there have been three different "krona", one for each of the three Scandinavian countries.

    Why do you think that Denmark and Sweden chose NOT to join the Euro zone? -That's right. Been there. Done that. If the rest of Europe wants to try the same thing now a hundred years later, good luck... If history has taught us anything, we will soon see several "euro".

    The reason a common currency across a union of states worked in the United States is because the United States has ONE sovereign federal government – not a whole bunch trying to get along (as in Europe).

    December 2, 2011 at 10:10 am |
  50. al-chi

    this article is unbiased, seems more like a propaganda, Quest for want?

    December 2, 2011 at 10:13 am |
  51. Bruno

    Quest means Business :)

    December 2, 2011 at 10:55 am |
  52. Emma

    This glooming, badly researched, anti Euro propaganda article is a shame on CNN.

    December 2, 2011 at 10:56 am |
  53. Dear Quest

    Dear Richard, lets speak the truth!


    Euro is actually the healthiest part of the Western economy, you cannot print him when ever you like. Printing USD and Pounds, US credit crunch, greedy Wall Street banks connected with Bank of England bring us in position where we are now.

    December 2, 2011 at 10:57 am |
  54. Tonny van Lieshout

    the euro is allready dead but nobody is having the responsebility to say OK we FAILD ,money is no longer excist its gone all wat we see is just inviseble money its NESARA TIME

    December 2, 2011 at 10:58 am |
  55. Grego

    Yes it can and it will. Euro is going down and so is the Dollar. Nothing and I repeat nothing is going to stop this train...oh no!!!

    December 2, 2011 at 11:27 am |
  56. BlueColorMinded

    With out Genuine Commitments, Genuine Engagements and comprehensive and legitimate but binding solutions from its most powerful member Countries specially from the hesitant and reluctant Germany- that protects only its national interest- and that even that is reluctant to cooperate as much as France do. The Member countries should also tighten their belts like what the British/UK has been doing by difficultly and rationally reducing their spending and increasing their tax revenues. Given these scenarios the Euro Zone is,indeed, not going to break up but it will take it longer times to provide sustainable solutions to its member countries with Economic Pains.

    December 2, 2011 at 11:33 am |
  57. BlueColorMinded

    With out Genuine Commitments, Genuine Engagements and comprehensive and legitimate but binding solutions from its most powerful member Countries specially from the hesitant and reluctant Germany- that protects only its national interest- and that even that is reluctant to cooperate as much as France do, the crises in the Euro Zone is bound to continue beyond prior expectations. So, the Member countries should also tighten their belts like what the British/UK has been doing by difficultly and rationally reducing their spending and increasing their tax revenues and the Euro Zones Largest Economies should also be part of the sustainable Solution even at the expense of their short term national interest. However with out such approach and without genuinely avoiding their some level of conflicts of interest, the Euro Zone is,indeed, not going to break up but it will take it longer times to provide sustainable solutions to its member countries with painful scenarios.

    December 2, 2011 at 11:39 am |
  58. cmassonl

    This article is very scary but also very right. The Euro as a currency cannot disappear. Can we imagine France going back to the Franc or Italia going back to the Lira? No, that it is just not possible. The consequences for those countries would be unbearable. However, the euro zone as it stands right now has no future. Politicians believed that the EU was the only solution for their country and did not realize that they were going to fast. They "put the cart before the horses" and at the first big problem everything collapsed. I think the EU should go back to its roots and re-focus on the French-German alliance, the only one that can save what looks right now like a doomed zone. The question is now: what countries will be left in their mess?

    December 2, 2011 at 3:20 pm |
  59. João Graça

    Penso que a União Europeia não passa de uma utopia criada por Países altamente industrializados com o único objectivo de defender os seus próprios interesses em prejuizo de terceiros.
    Aquilo que um País Europeu fazia para ter a sua hegemonia, que era atravez de uma guerra, tenta agora fazê-lo atravez da política, criando alianças, que é o caso da Alemanha que sempre tentou mandar na Europa.
    Está sempre em jôgo um sistema de mando aliado ao da sobrevivência.
    E é este o caso que se passa na Europa em que a França, com medo de ser novamente invadida se aliou ao seu anterior inimigo e concorrente industrial.
    Percebo e admito que se façam contratos e alianças conforme as necessidades mas o caso do sistema orgânico da União Europeia está falseado por várias razões.
    A Alemanha fez primeiramente o seu ensaio criando as CASAS DA EUROPA, (a que eu tive acesso) e só depois avançou sem pensar em pequenos grandes factores base, que de futuro iriam demolir a sua ambiçâo, mandar nos outros.
    E hoje a Europa está resvalando para o abismo por não encontrar pontos de união entre os povos dos vários Países que a compõem,,,,,E só por isso!
    É que um dos vários factores deste problema é a grande diferença nos costumes de cada um dos povos.
    E porquê?
    Porque na Europa temos tradições de 5 civilizações diferentes, a Mediterânica, a Magiar, a Eslava, a Anglosaxónica e a Nórdica e dentro de cada civilização falam-se linguas diferentes.
    E como o maior factor de esravização de um povo é atravez da lingua, símplesmente só essa razão chega para morte lenta e tumultiosa da União Europeia
    E assim vai morrendo a União Europeia!
    João Graça

    December 2, 2011 at 4:51 pm |
  60. ELnene33

    So long Euro ehheheheheh

    December 2, 2011 at 5:43 pm |
  61. rotorhead1871

    can we bill them for all the marshall plan money we invested in that place.....let alone all our guys that died. what a bunch of misguided punks.

    December 2, 2011 at 9:16 pm |
  62. Samuel

    i thought the world is full of smart and intelligent people, but why only a handful of them write a comment here, the rest are dumb apebrainers.

    December 3, 2011 at 1:38 pm |
  63. bigFreeMealOverForEurope

    Samuel, good, looks like you had a good self realization / Self Aha moment!!
    . Ha Ha Ha! Sarkhozy and Merkel are sitting on the potty seat getting ready to flush the Euro down the toilet in Unison. Ha Ha Ha It would make a good cartoon. HA HA HA!! Euro flushing. Better convert your Euro to anything other than euro and Trds ;-) Ha Ha Ha!!. Euro has gone kaput. Ha Ha Ha

    December 3, 2011 at 9:02 pm |
  64. bigFreeMealOverForEurope

    Samuel, good, looks like you had a good self realization / Self Aha moment!!
    . Ho Ho Ho! Sarkhozy and Merkel are sitting on the potty seat ready to flush the Euro down the toilet in Unison. Ho Ho Ho It would make a good cartoon. Ho H0 H0!! Euro flushing. Change Euro to other than euro and Trds ;-) H0 H0 H0!!. Euro kaput. Ho Ho Ho -Santa

    December 3, 2011 at 9:04 pm |
  65. bigFreeMealOverForEurope

    Yet everbody running to get $$$$ at 1.7% compared to italy at 7%+ and germany at 4%+ -CASE CLOSED HO HO HO !!! FACTS ARE FUNNY SOMETIMES HO HO HO!!!-

    December 3, 2011 at 9:06 pm |
  66. Bijdehans

    @rotorhead1871: We paid it all back, get your facts straight...

    December 3, 2011 at 11:07 pm |
  67. baldprice

    Спасти Европу( да и США) могут совместными усилиями
    Книд Расмуссен, Дэвид Петрэус, Леон Панетту, Джеймс Клэппер – но при условии – если займутся настоящей угрозой и направлениями , которые обеспечивают безопасность

    1) Финансовая боеготовность
    2) Боевой финансовый мониторинг
    3) Боевая финансовая доктрина
    4) Глубина финансовой обороны
    5) Средства доставки финансового оружия
    6) Финансовые разведданные
    7) Боевая финансовая
    - тактика
    - стратегия

    December 4, 2011 at 12:27 pm |
  68. Hugh Allen

    Quest is long on loudly spoken emphatic statements that aren't backed up by more than cursory research. He would do well to speak less trenchantly and with arguments that are more thought through, backed by the facts and nuanced.

    December 4, 2011 at 3:55 pm |
  69. KenH

    In such uncertain times, the world is looking for a stable world's reserve currency, the US would want that to remain being the dollar so it's not hard to understand why they're so eager to see the Euro's demise. If the euro goes down, everyone will convert their money into US dollars, and that will securely put US back on track to being the world's superpower, which she desperately needs to be now. The fall of Euro is not only possible, it may be deliberately pursued to be so!

    December 4, 2011 at 7:30 pm |
  70. KenH

    @China chance
    Yes China is watching by the sidelines no doubt, but it is such a bad thing if it becomes the world leader? Or are you just afraid because they're commies, and that Marx was right about the collapse of capitalism which by its very success and necessity of its workings, has to happen?

    December 4, 2011 at 7:47 pm |
  71. Cas

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    February 27, 2012 at 1:02 pm |
  72. 9000mah????

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Quest Means Business airs Monday to Friday, 1600 New York and 2100 London, and is hosted by Richard Quest.



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