Published in The Australian (Sydney), 11 November 2011
With the dramatic spike in Italian bond yields, the euro crisis has reached the stage everyone always wanted to avoid. Contagion has spread from Greece via Ireland and Portugal to Europe’s third largest economy, Italy.
It is blatantly obvious all attempts to solve the crisis, or maybe just to contain it, have failed. It is equally clear that the medicines prescribed to Greece have caused more harm than good. After two years in intensive care, the Greek patient is sicker than ever. Greece’s economy is collapsing, unemployment is rising and capital flight out of the country is in full swing.
Europe’s crisis management has been an utter disaster and no sanctimonious gloss from European “leaders” (the term is used here very loosely) can distract from the fact the eurozone in its present form cannot work and will not survive. It is high time…
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Utopia, you are standing in it! 
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