The Looming Euro Debacle

The smart money has already taken off for higher ground. The sickly, unable to flee, are boarding up bank windows hoping to ride out the storm. Rescue crews are standing by, inadequately equipped to contain the damage. But will the Category Five currency implosion make landfall Sunday night in Athens as predicted, or simply give the euro another glancing blow; offering an exhausted financial community one last chance to prepare an orderly evacuation?

It may not matter. Eurodämerung will come sooner or later. It may as well come now, for if it doesn’t the ultimate destruction will only be worse. As London Mayor Boris Johnson described the looming denouement this week: better an end with horror than a horror without end. Without a return to sound money in Europe, we will get the latter.

The last desperate gamble has been played. By granting Spanish banks €100 billion in no-strings-attached direct loans designed to tide them over Sunday’s storm surge, the Eurocrats frantically trying to keep the euro afloat have signaled to dazed and angry Greeks that playing chicken might just pay off. If this emboldens them to vote far-left political party Syriza into power in the upcoming elections, it will set off a chain reaction as certain as the assassination of Archduke Ferdinand…


Antonis Perris was a devoted son. When his elderly mother was diagnosed with Alzheimer’s four years ago, there was no question of putting her in a state facility. 

He would care for her at home in Athens and they would face the future together. 

But then things started getting very much worse.

‘The problem is that I was not prepared when the economic crisis hit and I do not have enough money in my account,’ wrote the 60-year-old unemployed musician. 

‘My credit card is overdrawn, we do not have enough food to feed ourselves. I live a drama with no end. Does anyone have a solution for me? World leaders, you who brought this financial crisis, you all need hanging!’

Perris wrote of his despair in an internet chatroom three weeks ago. Then, one morning, he led his mother on to the roof of their five-storey apartment block. Hand-in-hand, they jumped off.

Not long ago, this episode would have been a national scandal. Today, it is just another tragic footnote to the story of a society on the brink of collapse…

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