Eurozone has crossed the Rubicon | DAWN.COM - 0 views
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It is now a fair guess that the European Monetary Union (or the eurozone) has crossed the Rubicon and is heading towards breakup or collapse. In the periphery of Greece, Portugal, Ireland and Spain, there is despair at the ever-deepening recession. In France and Italy there is burgeoning opposition to long-term austerity. In Germany there is frustration at feckless southerners.
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The disaster is likely to start in Greece. The country is in the midst of an unprecedented depression, made largely in Brussels.
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Yet the EU is insisting that the country should stick with the failed programme by imposing huge cuts in public expenditure in 2012-14.