DON’T BET ON THE DEMISE OF THE EURO!!!

There is tremendous political capital vested in the euro and it is unlikely that the euro will come apart. Even in Germany, the euro has still a lot of political and popular support. The collapse of the euro and the costs to the European and the world economy would be unprecedented. Equally important, the political costs for Europe would be immense. The credibility of both EU-wide institutions and national governments would suffer a massive blow.