The EUR came about in large part due to the political will of one man, Helmut Kohl. I’m not going to start a debate about whether he was right or wrong to take Europe down this path, but once the decision was made he, along with Francois Mitterand, had the strength to push it through.
Now it is a new crop of leaders who are under the spotlight and when I see the names I must admit to feeling a little underwhelmed. The best of the lot is no doubt Angela Merkel and once again she and Germany may have to take a major leadership role in rescuing Greece and saving the EUR. I do not have a very high opinion of Mr Sarkozy, who seems to act first and foremost in his own best interests, or of Mr Berlusconi, enough said, and the faceless rest.
The crunch is coming. The hedge funds and investment banks have placed a huge bet against the EUR and are doing their utmost to see it fail. I think they have only Frau Merkel standing between them and a big payday. The next 10 days should indeed be interesting.
