BBC News
November 24, 2011
Two very worrying things have happened in the eurozone in the past two weeks.
The first is that financial markets have started to take seriously the idea that the single currency will break up. The second is that the politicians with the most to lose from that happening have dug in their heels.
Needless to say, the two things are related. Investors look at the political gridlock and they draw their own conclusions.
Today's meeting of the French, German and Italian leaders is one effort to change the dynamic, but investors are not holding their breath. This morning, we have seen the interest rate on German 10-year bonds actually edge above the yield on similar UK bonds.
In my conversations with analysts, traders and officials, I'm finding more and more of them are talking about the end game for the euro. Not the end, necessarily, but a moment of truth very soon that will either force a big leap forward, or a wrenching break-up.
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