Chris

The Club Med Euro-states would not have had access to funds at such low rates of interest had they retained their own currencies, and with good reason - excessive spending on cultural/political vanity projects will destroy Spain as surely as tax-dodging and a bloated public sector has destroyed Greece.

Grexit isn't the calamity that will finally kill the Euro, but Spexit most certainly will. It is *going* to happen. Le Grand Projet is holed beneath the waterline with too many of its watertight compartments compromised. The sooner they deploy the lifeboats the more manageable the consequences will be. Sadly, idiots like Barroso still have their hands clapped over their ears shouting "More Europe! More Europe!" as if it were business as usual.