Hungover teenagers clear up after Europe's debt party

EUROZONE CRISIS

Cazenove's chief investment officer Richard Jeffrey discusses who is to blame for the wild debt party that has led to a trip to casualty for European sovereign nations.

The countries of southern Europe (and elsewhere) are beginning to behave like teenagers after their first all-night party. They have woken up with hangovers and are railing against their parents who are telling them they have to help with the clearing up. In fact, it is not entirely unreasonable to blame the parents for the whole fiasco. In reality, the young people were a little too young to handle so much free alcohol, and it was inevitable some of them would turn up with substances of a slightly more esoteric nature. So, an emergency trip down to casualty could, perhaps, have been ...