The Telegraph has never been a lover of the Euro, so it is not surprising to read that one of its foremost economic journalists suggesting as much. But this article suggests economic disintigration of the European Union in a most shocking fashion. The EU's most indebted states are being slowly strangled by a currency that is grossly overvalued. The consequences for countries like Ireland, Greece, Spain, Portugal and Italy staying in the Euro may now possibly prove too great - mass unemployment and deep retrenchment in public services, with the added burden of much higher taxes. These countries need to devalue by around 60% but are constrained by richer northern countries like Germany who have no intention of bailing them out. It's a real shocker! Going forward, a gold-backed currency for everyone may be the only way out.
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