The EU, seriously spooked that the Euro remains under siege, has issued a statement insisting that the Euro will not collapse.
Klaus Regling, CEO of European Financial Stability Facility (EFSF), told the Bild:
"There is zero danger
It is inconceivable that the euro fails."
Nonsense, it is perfectly conceivable that the Euro will collapse.
The pressure on Greece, Ireland, Portugal and Spain is increasing day by day. At some stage, if these countries are to avoid total political and social collapse, they will have to free themselves from the constraining yoke of the Euro.
Whatever the Europhiles would like to believe, the markets simply do not see it the same way. The markets know that the the current situation is unsustainable and that something has to give.