Even a truly apocalyptic outcome — where one or more weak nations abandon the euro, causing gigantic defaults and a Europe-wide banking crash — can no longer be dismissed.
It’s possible that the crisis will become so severe that the EU will be forced to issue euro bonds, guaranteed by all the member nations, to cover the debt. That would place a big burden on the taxpayers of the wealthy countries, especially Germany, that pay most of the EU’s costs. It’s a solution that Germany dreads but may need to shoulder if the only alternative is financial Armageddon.
“We’d never even be talking about these reforms if we didn’t have a near-death experience.” In this land of mythic tales, it’s time for some new heroes to step forward.
Comment by Adamantine:
It is a pleasure to emphasize the Biblical terminology used.
We expect something akin to a crisis to occur so that 3 horns may be uprooted.