The Euro - take it or leave it…
“Deep down, tensions inside the euro-zone involve clashing social contracts and democratic preferences. Post-war German governments have won voters’ consent by offering thrift and monetary stability (a comfort for Germans with a folk memory of life savings lost to hyperinflation), plus an elaborately consensual capitalism. Greek governments have instead spent years buying social peace and votes with public spending, generous pensions, tax breaks, EU money and jobs for life, directed to an array of rent-seeking interest groups. This sort of social contract, lubricated by endemic corruption and lax law-enforcement, has evolved to suit a country emerging from a vile civil war and years of dictatorship in which consensus was painfully absent.” via The Economist