Telegraph
"Two events last week saw the crisis in the eurozone deepen - the Portuguese bail-out and the ECB's interest rate increase. But much more is brewing. .....What the eurozone needs now is sustained, strong economic growth. Yet this is a realistic prospect only for Germany and its immediate satellites. By contrast, the peripheral countries face years of depression.
Predictably, the remedy offered by the politicians is an alphabet soup of support mechanisms, all beginning with the magical letter E, and more of the balm that supposedly overcomes all ills, namely political will.
In other words: don't panic; it will be all right on the night.
It won't. The eurozone is heading for the rocks. "
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