Can it be that time already?

It comes around so quickly.

“And here’s the problem – all the various proposals for creating such a fund ultimately require backing from major European governments, whose promises to investors must be credible for the plan to work.

Yet Italy is one of those major governments; it can’t achieve a rescue by lending money to itself. And France, the euro area’s second-biggest economy, has been looking shaky lately, raising fears that creation of a large rescue fund, by in effect adding to French debt, could simply have the effect of adding France to the list of crisis countries. There’s a hole in the bucket, dear Liza, dear Liza.”

 

Europe Might Be Better Off If Euro Collapses Sooner Rather Than Later (Paul Krugman, irish Times)