The collapsing Euro Currency

A new report from the Bruges Group makes interesting reading, it is titled "Is the Euro Sustainable" and is written by Richard Conquest and may be read in full from here. I will quote the final two paragraphs: The financial consequences of past policy errors are that future borrowing costs will become prohibitively expensive in weaker economies such as Portugal and Greece. Equally, the cost of debt serving means that devaluation will be ruinously expensive. The combination of credit risk evaluation and currency devaluation makes any market driven resolution of the present situation appear disastrous. It is remarkable that the activities and intentions of the Brussels elite have not invited more overt political opposition. In part this has been due to the corrosive effects of corruption and patronage; but the political future can never be fully anticipated. In the case of the European Union this can only ultimately result in the rejection of government by the venal and corrupt institutions of the EU and a subsequent return to democratic rule by accountable national governments that uphold the rule of law.