– The euro does not have a problem… it is the problem (Telegraph, June 20, 2015):
Europe’s leaders must face the truth that the single currency now poses fundamental threat to global financial stability
By Liam Fox MP, Conservative MP for North Somerset and former Defence Secretary
There will be a temptation to gloat over the Greek crisis over the next week and a queue of people waiting to say “I told you so”. Both would be unwise.
Whether Greece exits the eurozone or not (and it is an increasingly absurd charade), there remain a number of uncomfortable truths that the rest of the countries of Europe, whether in the eurozone, the EU or neither will have to confront. The first is that Greece is a failing state, something that will have implications far beyond the merely financial. Long before the financial crisis hits the global economy in 2008-09, Greece was in trouble.