Euro-Neti Neti

Neti, neti: in Sanskrit- neither this nor this(that)....logic of negations to arrive at something conclusive.

Never was it truer than concurrent developments. Example, Eurozone. At the time of its inception, it was held as the paramount of ideals. And now serious threats have emerged on account of member's indiscipline (Greece default, France's regular 8% of budget deficit instead of norm 4%), criticism of loss to members over free monetary policy (no one country can devalue the currency if need be) etc etc.

The question about Greece is not Greece alone (it accounts for only 4% of whole euro economy), but who next. Already term PIIGS is coined: Portugal, Ireland, Italy, Greece and Spain. It would probably take just one member country to walk away and the whole of 10 years experiment will wash away.

Should likes of UK(though it is not doing good either) and Sweden be happy that they didn't relinquish their currencies or Turkey should have Schadenfreude that luckily it was barred to join Eurozone itself.