Munchau: “The Eurozone As We Know It Is Destroyed”
by Tyler Durden
ZeroHedge.com
07/13/2015
Despite the euphoria in global equity markets, The FT’s Wolfgang Munchau – once one of the keenest euro enthusiasts – warns regime change is coming in Europe. The actions of the creditors has “destroyed the eurozone as we know it and demolished the idea of a monetary union as a step towards a democratic political union,” Munchau exclaims, fearing they have “demoted the eurozone into a toxic fixed exchange-rate system, with a shared single currency, run in the interests of Germany, held together by the threat of absolute destitution for those who challenge the prevailing order.” He concludes rather ominously, “we will soon be asking ourselves whether this new eurozone, in which the strong push around the weak, can be sustainable.”
The Rest…HERE
