Peter Oborne makes a bold prediction in today’s Mail: that the Euro – ten years old yesterday – won’t live to see its twentieth anniversary. Whether or not you agree with that prognosis, Oborne’s case is compelling:
“Indeed, far from being the staggering success its supporters claim, the euro-zone is already inflicting huge damage on the nations within it. Many currency market experts believe that some of these struggling members may be forced to peel away from the euro – with devastating consequences for the rest of the world.
The greatest problems, in the short term at least, are in the four Mediterranean economies known as the PIGS – Portugal, Italy, Greece and Spain.
For each of these countries, the euro has already proved a disaster. Put simply, most of the PIGS are so heavily indebted that the market no longer believes they will be able to repay their borrowings.
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