Greece will leave euro if second bailout fails

[James1:12]

http://www.telegraph.co.uk/finance/fina ... apsis.html

But top Greek officials, who need to push through unpopular reforms to clinch the bailout deal, have warned over the past few days that a return to the drachma would be "hell" and that the country must stick to austerity to avoid it.

...

"The next three to fourth months are the most crucial and that is the reason this government exists," Mr Kapsis said.

[James1:12]

http://www.telegraph.co.uk/finance/comm ... o-die.html

Ambrose Evans-Pritchard: 2012 could be the year Germany lets the euro die

There will be no Chinese credit explosion this time, no real help from post-bubble India or over-stretched Brazil.

It will be a global downturn on all fronts, aborting what remains of recovery even before industrial output in the OECD bloc has regained its pre-Lehman peak.

The above article is a brief but broad assessment of what could happen financially this year. The outlook for european integration and the single currency is pretty bad, as expected. It is my guess that we are still waiting for the EU to take the helm...