May 25 (Bloomberg) -- Euro-area governments breached their own fiscal rules more than half of the time since they began trading the single currency..
Interactive graphics on euro zone's fiscal history
Comment: The euro was born with false promises, it grew up in a web of lies and now the common European currency faces its pubertarian encounter with truth.
Like any other fiduciary means of payment, the euro is a fake currency, as face as the yen or the dollar or any other of modern "state money".
Yet the current battle at the foreign exchange markets envolves more than just the exchange value of currencies. For the Europeans the fight has gained the dimension of a battle for survival. There is a strong feeling among a wide band of European leaders that a failure of the euro means a collapse of the European Union. This may be right or it may be wrong. However, it is clear what kind of implication this judgment entails: The euros will fight "until the last man" to keep their currency. Only total defeat will make them abandon the common currency. This is why it is highly probable that the speculative attacks on the euro that have been going on for months will, in the end, lead to a showdown when the short positions will have to be liquitated at high costs for the funds involved in this game. I fear to say that in the end politics will win -- which does not mean that such a victory is good.