The euro has essentially broken down as a viable economic and political undertaking. The latest rush of events reeks of impending denouement.
Switzerland is threatening capital controls to repel bank flight from
Euroland. The Swiss two-year note has fallen to -0.32pc, not that it seems
to make any difference.
Denmark’s central bank said it was battening down the hatches for a "splintering"
of EMU. It has cut interest rates twice in a matter or days and pledged to
do whatever it takes to stop euros flooding into the country. Contingency
plans are on the lips of officials in every capital in Europe, and beyond.
CONTINUE: http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9309669/The-week-that-Europe-stopped-pretending.html
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