Eurozone: a split, or a tighter union?
Eighteen months into a sovereign debt crisis - and after many futile efforts to resolve it - the endgame appears to be fast approaching for Europe. While its leaders may well hold to the current path of offering piecemeal solutions, nervous investors are fleeing European countries and banks. Two main options exist: Either the eurozone splits apart or it binds closer together. Each of these paths - Greece, and possibly others, dropping the euro or the emergence of a deeper political union in which a federal Europe takes control of national budgets - would lead to serious political, legal and financial consequences.