Another piece of BBC pro-Euro, pro-EU socialist propaganda.

They just conveniently forgot to tell you without the Euro there would not have been this problem as automatic economic stabilizers would have stopped it. They also forgot as pro-EU and pro-Euro that only real solution is the break up of the Euro and major-reform of the EU into a light regulation free trade area.
If each county had their own currencies with each setting interest rates to suit their country and their exchange rate reflecting the strength of their economies then these automatic economic stabilizers, would have kicked in, especially during the recession from 2008 onwards, European economies would now be growing slowly, like the US, with one or two exceptions like Greece, but the basket cases would be an IMF problem, not a major European and Global one
Unfortunately, Europe has a history of making things very difficult for themselves or going for the most destructive solution: WWI, Germany and France staying in Gold Standard after 1931, WWII, EU and finally the Euro.
IMHO what would have been much better for the whole of Europe rather than the EU would have been a free trade area allowing the free movement of people and goods, with common trading standards set through institutions like ISO, BS etc. I suspect Europe as a whole would be much richer now had this happened, as money would have flowed much more efficiently to where it was needed rather than being collected as taxes and passing through the EU as grants and subsidies.
EU financial summits to me are like 27 teams with 27 ropes playing tug-of-war, all huffing and puffing, trying to pull the centre marker, over the agenda which is best for their country, with the majority of the others stopping them. Personally, I can think of a much better use of the rope and that really would be major progress as we would be removing part of the problem

In the last week the forces on the ropes have changed directions several times, with growth strategies, Eurobonds and Tobin taxes, the are all pulling ever more furiously in different directions on those ropes, with nothing moving or changing. I very much doubt that it will ever occur to any of them to play a different more productive game. All Woosters (especially CamMoron and Clegg) and not a Jeeves in sight.
Unfortunately, I think the only solution will be a disorderly one with countries forced from the Euro, in disorderly exits, blighting and devastating the continent economically for a generation.
In the 1950's 50% of sovereign nations defaulted on their debts, due to the 1930's depression and WWII. I suspect we will see over the next 10 years, 10 to 20% of sovereign countries defaulting (27 - 54 countries), as a result of this depression and the Euro, with the majority being European states.
I think Herbert Steins law: "If something cannot go on forever, it will stop" will win!
