The Dutch government has collapsed. It would be an understatement to say I’m not exactly a fan of Geert Wilders, but he seems to be on the right side of this debate. His party is refusing to support further austerity, and has called for a return to the guilder.
And France is looking set to elect a socialist president who has promised to roll back on deficit reducing measures and re-negotiate the EU fiscal treaty. I’m not crazy about socialists any more than I am about racist politicians, but surely it’s beginning to look as though this EU treaty is dead in the water?
The ECB will have to keep printing money, so that bust banks can continue to loan money to bust governments. That’s the only reason Spain hasn’t defaulted yet, but eventually they will. And that will mean the end of the euro.