There's something peculiarly apt about the fact that the current European crisis began in Greece. For Europe's woes have all the aspects of a classical Greek tragedy, in which a man of noble character is undone by the fatal flaw of hubris.

is perhaps a little on the melodramatically negative side?

He's writing as if the Euro is already dead, which seems strange when most of the stresses applied to the Euro have been created by predatory speculation and an insane financial sector, and not by economic fundamentals.

The ECB is a local problem, but it's not - still - a problem that can't be solved.

And I think it will be solved, because even Germany and the ECB know that a break-up of the Euro would be a global disaster, and far more destructive to national economies than the alleged implosion of the banking sector would have been.