writes Helmut Schmidt in Die Zeit. He doesn't see a Euro crisis (and categorizes talk of such as dangerous) but a crisis of the EU institutions. In his opinion the treaties of Maastricht and Lissabon were inadequate for 27 member countries and the new currency. It's quite in the same vein as this diary except he doesn't see debt restructuring or a haircut as palatable - it would require another massive bailout of German etc. financial institutions.

_{Schengen is toast!}