Eurozone cannot survive on a diet of fudge
The electoral triumph of Syriza in Greece has awakened the sleeping ogre of the eurozone crisis. No plausible outcome of the confrontation between Greece and its creditors will resolve the inconsistency of a monetary union unsupported by political union, says David Rowe
At the risk of sounding grossly insensitive, I must say that for a financial commentator, the eurozone crisis is the gift that keeps on giving.
As the crisis has morphed from acute to chronic, some kind of populist reaction had to follow, and we should not be surprised this occurred where it all began, in Greece.
It is easy to make the case that Greece brought this crisis on itself through irresponsible fiscal policies and falsified accounting, but it must also be remembered that Greeks have
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