The Euro is Doomed

If you like starting your week off with doomsday prognostications, we’ve got just what you’re looking for. “It is time to prepare for the unthinkable,” Financial Times columnist Wolfgang Münchau writes today. “There is now a significant probability the euro will not survive in its current form.” With the European Summit once again scrambling to find a fix to the region’s growing debt crisis, leaders of economically sound countries like Germany are increasingly unlikely to stick with the shared currency—especially as the arrangement grows unpopular at home. The result will be a weak short-term deal that will eventually lead to “catastrophe.” New York Times columnist Paul Krugman appears to agree: “The bitter truth is that it’s looking more and more as if the euro system is doomed.”