Moment of truth for the eurozone

Commentary feature. The biggest question in any debt crisis is whether a credible path back to solvency can be found. For Greece, this now seems very unlikely. The same is true, to a lesser extent, for Ireland and Portugal. This raises three further questions. First, how big is any required restructuring? Second, who should bear the cost? Finally, is restructuring enough? If the answer to the last question is No, then one has to ask whether the currency union will last in its current form.

The Guardian, 13.7.11: Euro - a right-wing dream gone wrong (via PressEurop) http://www.presseurop.eu/en/content/article/773181-euro-right-wing-dream-gone-wrong

ESO: Background information: Find other Commentary Features in ESO on Challenges facing EMU http://www.europeansources.info/advSearchLink?keyword=commentary%20feature%20emu%20challenges%20&searchOption=all

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