That's going to mean a lot of very blue faces.

[randomness]

I realize hardly anyone on the western side of the North Atlantic noticed what Angela Merkel said at her party's regional conference over the weekend, but it isn't terribly encouraging for anyone who wants to see some resolution to the Eurozone crisis anytime soon.

From Deutsche Welle:

Chancellor Angela Merkel has said it will take five years, or even longer, to overcome the eurozone debt crisis.

...

The chancellor told members of her Christian Democrat (CDU) party in Mecklenburg-Western Pomerania there were no rapid solutions to the eurozone crisis.

"We have to hold our breath for five years or more," Merkel warned delegates in the city of Sternberg. "Whoever thinks this can be fixed in one or two years is wrong."

In other words, don't get your hopes up.

Comments

[achinhibitor.livejournal.com]

I would have said that all crises get resolved eventually, "one way or another". But in a modern, open economy, that might not be true. Once a government has enough debt per-capita, that debt becomes an obligation that is assumed by anyone immigrating -- and shed by anyone emmigrating. Once the per-capita debt exceeds the net present value of any "location services" provided by the government, people start fleeing. At that point, only default can save them.