The focus on the euro is somewhat misguided because it suggests that lasting solutions can be found by some countries exiting the euro, reintroducing national currencies, and devaluing. Or that some financial engineering would allow for the common currency to persist.
The focus of Europe’s debts and balance sheet would be more in the ballpark if the discussion did not focus first on currency and deficits, but rather on the only solution to eventually solving the crisis: namely, that of rebuilding equity.
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