The financial ministers can meet. There can be weekly, or even daily summits between the prime ministers. They can dream up debt Ponzi schemes with the EFSF, and can transfer losses from the private sector to the taxpayer. And, they are likely to do all of the above. But, ultimately, it is too late.The EMU did not enforce its original rules, and now there is way too much debt. Like the S&Ls in the U.S. in the '80s, it can be propped up for awhile. But, all of the actions that add debt or transfer it from the private sector to the taxpayer only make the final resolution more gut wrenching, difficult, and expensive. All roads lead to the breakup of the EMU. Better to do it now, in a controlled and orderly way, rather than let the happenstance of random events cause it to happen in the midst of a market crash.
Euro End Game: All Roads Lead to Monetary Breakup
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