The end of the Euro as we know it comes a small step closer this morning as Italy is the latest country to come under scrutiny in the crisis. Like a slow motion car crash, the Euro leaders are watching as the nation of Italy start to question funding their own enormous debt, the country has the biggest debt other than the USA and Japan.
As it becomes increasingly difficult and more expensive to finance the debt the markets predictably take against them as they see a speculation opportunity.
The Euro leaders are now admitting it is likely that Greece defaults on it’s debt which something the rest of the world knew several months ago. The Ostrich like behaviour of the Euro leaders and the IMF defies belief but continues un- abated.
The end of the Euro is likely to happen in a drawn out affair, but the odds on the unravelling of the currency as it is seen today is becoming more likely every week.
The contagion is spreading and the European leaders and the IMF are so far behind the curve, they won’t see the car crash until they plough into it themselves.