Boris Johnson has given a most concise and effective summary of the Euro:
"It will limp on with sclerotic growth rates continuing to immiserate loads of uncompetitive parts of the eurozone and it will be a bad business. It will eventually blow up but I wouldn't care to bet when."
It would appear that Angela Merkel agrees with him:
"I could take it easy and say the euro is saved. But I am very cautious about saying the worst of the crisis is over."
In fact it would appear that Merkel believes that things are going to become worse.
