{"id":27334,"date":"2011-07-18T21:02:38","date_gmt":"2011-07-18T21:02:38","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/ft_wolfgang_muenchau-plan_d_stands_for_default_and_death_of_euro\/"},"modified":"2011-07-18T21:02:38","modified_gmt":"2011-07-18T21:02:38","slug":"ft_wolfgang_muenchau-plan_d_stands_for_default_and_death_of_euro","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=27334","title":{"rendered":"(FT) Wolfgang M\u00c3\u00bcnchau&#8211;Plan D stands for default and death of euro"},"content":{"rendered":"<p>Five years ago, I was among those who argued that the probability of a collapse of the eurozone was close to zero. Last year, I wrote it was no longer trivial, but small. The odds have risen steadily since, not because of the crisis itself, but the political response. I now would put the odds of a break-up of the eurozone at 50:50. This is not because I doubt the pledge by the European Council to do whatever it takes to save the euro but because I fear it has left things too late. The council may be willing but it will not be able to deliver. As I argued last week, a eurozone bond is the only solution to the crisis. But this gets progressively more expensive, and politically less realistic, once bond spreads of large countries widen.<\/p>\n<p><a href=\"http:\/\/www.ft.com\/intl\/cms\/s\/0\/500fddce-b0a7-11e0-a5a7-00144feab49a.html#axzz1STD77zsO\">Read it all (requires subscription)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Five years ago, I was among those who argued that the probability of a collapse of the eurozone was close to zero. Last year, I wrote it was no longer trivial, but small. The odds have risen steadily since, not<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=27334\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,50,460,595,592,149,199,591,200,590,468,478,454,325,448,151,458,446,596],"tags":[],"class_list":["post-27334","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-international-news-commentary","category-european-sovereign-debt-crisis-of-2010","category-credit-markets","category-currency-markets","category-economy","category-england-uk","category-euro","category-europe","category-european-central-bank","category-france","category-germany","category-greece","category-ireland","category-italy","category-politics-in-general","category-portugal","category-spain","category-the-credit-freeze-crisis-of-fall-2008the-recession-of-2007"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/27334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27334"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/27334\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}