TEc "Selecting default" - The Eurozone remains as brittle as ever

I'm picking on somebody else's line who appropriately wrote "a chain is only as strong as its weakest link".
There could hardly be a shorter sentence to best sum up the Eurozone after running a full year (plus) of trials and tribulations.
Maybe we should consider the very fact the Eurozone is still intact to be the cherished sole achievement.
But is is too little, too feeble, too hopeless, too costly and too flimsy to begin to call it an achievement of any sort.

The whole unfolding situation remains unbelievably decadent, starkly exposing multiple rots that gathered over a decade of fanciful merriment.
How else can one understand it all?

The lenders, the borrowers, the politicians, the businessmen, traders, governments, institutions, rating agencies, regulators, formal and informal whistle blowers, influential members of society - all failed to timely flag that something was inherently wrong with unhealthy economic growth in some countries.

Sovereign debt is now under attack like it never was before. Governments - with willing accomplices on all sides - allowed it to grow to become unmanageable throwing entire nations into the hands of financial markets. What will happen next is very much anybody's guess.

In a flawed tussle or perhaps simply an arm-wrestling contest between markets and politicians it is not clear yet who will emerge the ultimate winners.
For years on end investors cheaply provided rope to governments to tie their country's necks with. What the markets have been doing since last year is to tighten the noose quickly.
Rating agencies ensure that the execution is carried out efficiently.

In an increasingly financially-driven world, responsible common-sense politics has been losing ground steadily.
The Eurozone's unfolding case study will surely present further unpleasant twists.
Until eventually settling into something unknown to this day.