Let's back up for a second. A nagging question that we've had is: Why did it take so long for the Euro to go into crisis? This may seem like an absurd thing to say, since the common currency has barely been around longer than a decade. And yet that seems like a long time, given that from the moment each country gave up fiscal sovereignty, they relegated themselves to, as Paul Krugman has characterized it, the same fiscal status as a third world country, having to borrow in someone else's currency.
But markets ignored this fact for a long time.Read it at Business Insider
Why People Are Going Nuts Over The New George Soros Speech On Europe
by Joe Weisenthal
(h/t Lambert at Naked Capitalism)