Redwood: Euro crisis risks becoming full-blown tragedy

EUROZONE CRISIS

A tragedy arrives when each of the actors, acting as they see it for the best, end up with a disastrous overall result.

A tragedy sees disaster follow disaster. Each new problem triggers another damaging response. So it is proving with the euro. It may turn out to be a full-blown tragedy. There appears to be insufficient solidarity or goodwill between the divergent member states to solve the problem. An understanding of the problems facing the euro is growing where it matters. The EU political class was altogether too complacent about the launch and use of a single currency for 17 countries. The early years worked well to the casual observer. Even when Greece announced it could not carry on without ext...