Put the Doomed Euro Out of Its Misery

There is no mess quite so bad that official intervention won’t make it even worse. Nowhere is this old saw more applicable than in the eurozone, where only a month or so back, leaders were warmly congratulating themselves on having seen off the worst of the debt crisis. As is apparent from the events of the past week, these hopes were not just premature, but naive. The crisis is once again intensifying, with the focus of attention switching from Greece to Spain.