Financial Times
May 16, 2010
The European rescue package has changed the odds about the future of the eurozone in two ways. It has reduced the probability of a collapse within the next three years – and increased the odds within the next 10 years.
The eurozone came extremely close to a breakdown 10 days ago. The Spanish newspaper El Pais reported a claim by José Luis Zapatero, the Spanish prime minister, that Nicolas Sarkozy “beat his fist on the table and threatened to withdraw from the euro” unless Berlin accepted a deal. Whether this story is true or not, the deal is unquestionably the result of a successful French ambush.
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