Anti-euro propaganda now switches from being Greece-centred to being Spain-centred

See: http://link.ft.com/r/S4XZQQ/U1G60H/3K7L/AM75LS/WT8TMA/VU/t?a1=2011&a2=9&a3=22

However, every reasonably-intelligent observer knew that the eurozone consists of a relatively solid centre, and a relatively soft periphery.

That was exactly what caused people such as me to be skeptical of it when it was launched. With the crisis that started in 2007, it was also clear that some of the soft peripheral countries (e.g. Greece) are too small to matter on their own, and that the battle over their future has primarily a symbolic significance. Once that battle is won (or lost), the battle will move to each of the peripheral countries.

So expect this to be a continuing tussle till the euro is demolished (the less likely result, because of the enormous cost to each of the eurozone countries as well as related countries such as Switzerland and the UK) or, more likely, the euro is finally established as being solid because of internal changes in each of the soft peripheral countries as well as the determination of the Germans to keep the euro going. Sphere: Related Content