The FT’s Chief Foreign Affairs Commentator, Gideon Rachman, writes in today’s Financial Times that it’s time to start planning an orderly breakup of the eurozone, rather than allow chaotic events to overtake them.
“Allowing the fate of the euro to be driven by a succession of market panics would be the worst possible way of breaking up the single currency” he writes. “It would involve the loss of billions of euros of public money as the EU burnt through its firewall. The political and economic turmoil that followed would cause public panic and discredit the politicians in charge.” Instead, he argues, the EU’s leaders should decide now which of the Eurozone’s current members should remain, and which have to go, and start planning an “amicable divorce”. Is there still time?
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