This was the title of an article published two weeks ago by online trend analysts, Precogz.
Not long ago, as we reported at the time, economic commentator Andrew Alexander came out and said that he did not believe that the euro would exist in a years time.
A a few weeks ago a financial sector expert gave us a benchmark rate for the euro against the US dollar which, if it fell to that point, would signal serious and possibly irrecoverable trouble for that currency.
It reached that figure on 14th May and has since progressively fallen below it. There have been fleeting and minor recoveries but not to within reach of the benchmark level.
We read as frank warnings the unusually unequivocal statements issued in the last 24 hours by the Governor of the Bank of England who talked of a financial storm coming towards the UK from a eurozone which ‘is tearing itself apart with no sign of a solution’; and from the Prime Minister, who talked openly in the House of Commons of the need for the eurozone now to make up its mind to ‘make up or break up’.
There is widespread acceptance of the fact that Greece will default and leave the euro, sometime after it goes to to the polls again on 17th June, having been unable to reach any agreed position after its recent election.
Such an event is broadly agreed as likely to signal pressure upon the Spanish and Italian economies which there is no secure belief they will be able to withstand.
The phrase ‘eurogeddon’ is gaining currency,
Greek money is currently moving out of Greek banks and being lodged in sterling deposits in London. This is a protection against the possible return of the Drachma, following an exit from the euro.
The BBC has reported that a town on the border of the Republic of Ireland and Northern Ireland, Clones, has single-handedly reintroduced the Irish Punt in preference to the euro. The Punt has no formal value but can be exchanged in Dublin.
The overall picture is one in which we have to acccept that we are likely to be on the brink of a financially chaotic period where the pressures will be enormous and no one really know how the scenario will play out.