Jason Burack believes the Euro will survive in some form, although it may be composed of different countries than at present. While the problems do seem intractable with no political will to solve them, perhaps after dropping Spain, Greece and a few others, it can continue its beleaguered existence. But don’t count on it. Italy has larger debt problems than any other European nation, but for Greece. They have a tremendous amount of debt that must be rolled over in the next year. And if the money isn’t freshly printed out of thin air by a willing central bank, then where will it come from? While a noble experiment, conceived to lessen their dependence on the dollar, it is ironic that they’re now completely dependent upon the Federal Reserve to keep the scheme alive. No matter what happens, the Euro is not going to become another reserve currency.
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