Euro Crisis In Danger of Spinning Into Catastrophe

The funny thing about the "euro crisis" is that it is not a euro crisis. The currency itself is meandering along, the way it is supposed to, without any particular issues, serving as a unit of account and means of payment. Instead, we have a crisis of insolvency, first among certain profligate governments and second among banks. In other words, someone might not be able to make the payments on their debt. This has nothing to do with the euro itself.