So am I the only one who does not understand the fuss about Eurozonitis.

Seems to me that its all pretty simple. Most of the members have been living in cloud cuckoo land and ignoring all the basic rules of survival, namely never borrow beyond your means and always save for a rainy day.

Now the proverbial chicks have come home to roost and they have all been rumbled. The last chance saloon summit of yesterday will be repeated at least five more times before reality dawns. Our Dave was quite right not to waste another nights sleep with these clowns

So its back to the drawing board . The banks who happily both lent to those countries and indeed encouraged them to borrow must now take the pain. Some will go bust as a result. Trade will for a short while contract as everyone adjusts to the new world and then the game will start again. No doubt in 15 years or so the same will happen again, but thats not our problem.

Telling the finance ministers of the eurozone to play by the rules is like asking Adam not to pick the apple. Its all too tempting. Seems to me that the inevitable end game is for the Greeks to go back to drachmas and for the lending banks to accept the reality which is that they will never get their monsy back.

Then if Germany and France want to keep the euro thats fine and the rest can have mini euros which will be at a different rate in the market and in some cases may want to revert to their own currencies. Will it be catastophic and impossible to manage? No . In the days before the euro we had multiple currencies that revalued or devalued(usually the latter) at regular intervals and everyone got used to that. There will be a few economic casualties but it will all be pretty temporary. Trade will continue as before since consumers dont stop consuming. Some companies may have to be a bit more competitive but so be it. The Chinese will sit on the sidelines and pick up the remains of the casualties at knock down prices