June 18, 2012

What if Merkel Gets Her Way?

Wolfgang Munchau, Financial Times

AP Photo

If Italy and Spain were to leave the eurozone, they would probably also default on their foreign debt. Such an act would probably cause the European financial system to collapse – something that would ultimately reverberate in Italy and Spain, too. But the irony is that an Italian or Spanish exit would probably end up hurting France and Germany more than it would hurt Italy or Spain.

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TAGGED: France, Spain, Italy, Europe, Eurozone, Germany, Angela Merkel

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