Michael Pettis explains the euro crisis (and a lot of other things, too) | FT Alphaville

Michael Pettis explains the euro crisis (and a lot of other things, too) | FT Alphaville

This is literally the best analysis of the euro area’s problems we’ve ever read. You should take the time to closely read the whole thing yourself. We’ll wait.

Michael Pettis :"Syriza and the French indemnity of 1871-73"  

Now that you’re back,

 rather than posit a conflict between Germans and Spaniards, it might be far more accurate to posit a conflict between the business and financial elite on one side (along with EU officials) and workers and middle class savers on the other.