THE CONSENSUS, it appeared, was that we are “on the road to hell”. Most left open the possibility that Europe’s drift may yet be interrupted by radical action, but about its current direction and momentum there was little disagreement. Nor was there much dissent with the conclusion drawn recently by Alan Dukes in a paper for the Institute of International and European Affairs, which argues the case for a co-ordinated euro zone-wide debt default to bring “problem” country debt down to sustainable levels.
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