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Imagining the Unthinkable: The Disastrous Consequences of a Euro Crash -- Spiegel Online
As the debt crisis worsens in Spain and Italy, financial experts are warning of the catastrophic consequences of a crash of the euro: the destruction of trillions in assets and record high unemployment levels, even in Germany. By SPIEGEL Staff
It wasn't long ago that Mario Draghi was spreading confidence and good cheer. "The worst is over," the head of the European Central Bank (ECB) told Germany's Bild newspaper only a few weeks ago. The situation in the euro zone had "stabilized," Draghi said, and "investor confidence was returning." And because everything seemed to be on track, Draghi even accepted a Prussian spiked helmet from the reporters. Hurrah.
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My Comment: Too much debt .... and an unwillingness of many to not take the necessary measures to stop the financial hemorrhaging .... will make it all but inevitable that the euro will crash, followed by a return to the old currencies. The consequences will be severe .... I should know .... when the Soviet Union broke up (I was there when it happened) the immediate consequence was the crash of the ruble, high inflation, coupled with even higher unemployment. Using the Soviet/ruble experience as my template .... what many in Europe are now forecasting is ominous .... but .... from my own point of view and experience .... is actually the optimistic version.