Morse: Eurozone must choose the lesser of two evils

My base case scenario for Europe remains the same, although my confidence in this has reduced.

I think all nations within the eurozone will strive to keep the euro together. The pain of leaving the single currency will be too high, financially and politically, both for countries leaving and those remaining. If a country were to leave the eurozone, its citizens would experience a dramatic decline in wealth and buying power. Imports of food, fuel and pharmaceuticals are essential to the wellbeing of people in countries like Greece and Italy. Leaving the eurozone would reduce the affordability of these goods because prices would automatically inflate as an inevitable consequence of ...