Peter Zeihan: Europe Goes Nuclear
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After a Tumultuous Stint, Mario Draghi Is Leaving the ECB. His Legacy Will Forever Be Tied to These 3 Words
By Geoffrey Smith (Original source Fortune)
“July 2012. The euro crisis is at its peak: Greece, Ireland and Portugal have already been bailed out, and the 17 members of the single currency have just agreed, together with the IMF, to provide up to another 100 billion euros to rescue Spain’s banking system. Hedge funds and other speculators now have Italy, the euro zone’s third-largest economy, in their sights: with 2 trillion euros in debt, it’s too big to rescue and too weak to survive on its own. Europe’s 13 year-old currency experiment is about to explode.
A diminutive Italian with a steely gaze takes a stage in London and, after five minutes of blandishments about euro zone reform, delivers a line that will become the stuff of both legend and lawsuit.”
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