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Can The European Monetary Union Survive Greece?

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Scientists at CERN recently announced that they may have challenged Einstein’s theory of special relativity by discovering faster than light particles. Later, Harvard Economist Larry Summers announced the discovery of unprecedented gravity surrounding the European sovereign debt crisis.
Some telling quotes from a Bloomberg article about recent meetings between major private banks and government officials:

“There’s not been a prior meeting at which matters have had more gravity and at which I’ve been more concerned about the future of the global economy,” said Lawrence Summers, a former U.S. Treasury secretary and White House economic adviser, who said it was his 20th annual IMF meeting.

Failure to act carries the “threat of cascading default, bank runs and catastrophic risk,” [U.S. Treasury Secretary Timothy F.] Geithner said in a Sept. 24 statement to the IMF, his strongest public lobbying yet.

[Wolfgang Schaeuble], the German finance minister, addressed the same room hours later with a contrasting message: “We won’t come to grips with economies deleveraging by having governments and central banks throwing — literally — even more money at the problem,” he said.

“The market needs to hear that they understand the depth and breadth of the problem,” said [Goldman Sachs President Gary D.] Cohn, 51. “They just need to convey to them that what they’re doing is big enough and powerful enough to get the market’s attention.”

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    • Old Warrior

      Another round of RISK perhaps…?

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