Basically Italy is hanging on the edge of bankruptcy, worse than the situation in Greece. With its interest rate on debts going above 7.4% (it was only 7% that crippled Greece), it looks very likely that within the next week we will know if the Euro will collapse or not.
The lack of progress at the G20 didn't achieve has cost the eurozone deeply.
Calls are being made on the stronger counties such as Germany and England to pump more into the funds to help bail out these countries, however I agree with the German chancellor, that the richer counties should not have to continue to bail out other countries who have shown bad judgement in their own internal policies.
In my opinion, the proverbial dam is breaking, the previous months have involved shoring it up, but finally the weight of the debts is breaking through and it how far people can run (insulate themselves from the fallout) before it breaks.
Personally, I am hoping that it does fail, I have always been opposed to the UK's involvement in the EU on many levels, and given how experts expect within 5 years the UK will be just as well off, if not better off than the alternative of us pumping more money into the EU to salvage these failing economies, it seems, in the long run, the Euro failing will be beneficial for all countries.
On top of that, as an economist, watching the next few years unfold following a failing of the Euro would be of great interest and opportunity. Why opportunity? Well investors are looking for places to move their money to. British Sterling is currently a very attractive place to be, and a sudden influx of money would strengthen our currency in this poor climate.
What are your thoughts?