Why the eurozone is destined to flounder

President Obama gave his annual assessment of the US last month and so we felt it an opportune time to also review the state of the union a little closer to home and to make our own assessment of the gathering storm clouds surrounding Europe. The IMF report warning over the outlook for the world economy, with specific reference to Europe, could not have been more inopportunely timed. This is particularly so in light of the eurozone downgrade in January, the tarnished reputation of the European Financial Stability Facility (EFSF), which also took a downgrade, and the continued failure ...