Wall Street Journal
October 3, 2011
Just in case you hadn’t noticed, the euro’s little crisis is showing no signs of going away. The question of whether the monetary union will stick together, or break up, or just kick out Greece, is still with us. And there’s always the possibility that Greece will pull a “You can’t fire me, I quit,” leaving the other 16 members to fight among themselves over their banks’ exposure to iffy sovereign debt.
All this uncertainty is causing volatility in the markets, writes John Lanchester in The New Yorker. Nobody knows how exactly the euro would get a divorce:
“There is no model or map or mechanism for this eventuality; it was supposed to be impossible. That’s why people are so scared of it.”
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