UBS on Euro: “no modern monetary unions have broken up without some form of authoritarian government, or civil war”
“Euro Break Up – The Consequences.”
UBS starts with a fairly direct “under the current structure and with the current membership, the Euro does not work. Either the current structure will have to change, or the current membership will have to change.”
… and follows with a gripping briefing on the political, social and economic consequences of a Euro Break-up, in which “some form of authoritarian or military government, or civil war” are part of the possibilities.
A must read for all informed and concerned Homo economicus.
Enjoy.
{ leLaissezFaire – Sydney – 7 September 2011 }
UBS EURO BREAKUP Global Economic Perspectives
“military government, or civil war”
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