Comrade Barroso, the existential threat to the euro is mass unemployment – Telegraph Blogs

Whether you think this matters depends on whether you think the democracies of southern Europe will tolerate slow grinding depression – with no light at the end of the tunnel – for year after year.

The denouement is hard to predict in such situations. Political upheavals are famously non-linear. But the situation in Spain is remarkable, with the added nitroglycerine of a ruling party determined to exploit the crisis to take power back from the regions, and Catalonia determined to resist with all means at its disposal.

via Comrade Barroso, the existential threat to the euro is mass unemployment – Telegraph Blogs.

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