At the other end of the scale, a critical mass in southern Europe is losing its ability to live with a currency as hard as the euro. The crisis is fast approaching the point of no return.
. . . .
. . . the transition of the European Union from a reasonably stable entity, resembling the product of 50 years of European reconciliation and integration, to one on the verge of a disastrous collapse, in which serial defaults will almost certainly lead to a return of competitive devaluations, the break-up of the single market, and the end of any serious attempt to regulate Europe's politics in a mutually beneficial way, within a predictable legal framework."