The End of the Euro?

Well, the beginning of the end, anyway. Or the first step toward the exit of Greece from EMU. I think that Sunday's election made it clear that Greece will not tolerate the degree of "adjustment" necessary to remain on German terms. The best that can be hoped for is that the Greek debacle will alert Germans to the fact that the whole eurozone is likely to explode if there is not an imminent change in direction. Hollande's election is an opportunity that Germany should seize rather than a threat it should seek to quell. But so many opportunities have been missed that it's hard to be optimistic about this one.