Euro membership blocks every way out of Greek debt crisis

In the Telegraph, Ambrose Evans-Pritchard notes that “Greece is disturbingly close to a debt compound spiral. It is the first developed country on either side of the Atlantic to push unfunded welfare largesse to the limits of market tolerance.”

He adds: “Euro membership blocks every plausible way out of the crisis, other than EU beggary. This is what happens when a facile political elite signs up to a currency union for reasons of prestige or to snatch windfall gains without understanding the terms of its Faustian contract.”

When EU-critics were warning of the problems of the Optimum Currency Area EU was planning new conquests.

Now the fit hit the shan.