November 23, 2011
A few months ago, predicting the breakup of the euro was the preserve of wild-eyed hyperbole addicts, braying europhobes and professional cynics.
Now, as the markets grow increasingly convinced that the authorities are losing control of Europe's scariest crisis since World War II, calm, sensible people are taking the idea seriously. They're even calling in the lawyers, just in case.
European government officials still generally insist that the euro itself is solid. The new Greek prime minister did admit Monday that Greece's membership of the common currency is at stake if the country fluffs its next set of crucial reforms, but generally, we are repeatedly assured that this is a debt crisis, not a currency crisis. As German Chancellor Angela Merkel puts it: If the euro fails, Europe fails.
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