The Eurozone Crisis Comes Down To A Single Decision

Paul Krugman reports on an analysis of the eurozone crisis and how it unravels, and he basically agrees with the dire forecast of what will happen if the ECB does not step in to purchase sovereign debt. We will have a different world for the next decade. It is not a pretty picture. The German central bank is opposed to ECB acting as the lender of last resort. Unless that changes, the ECB will not be able to do what is needed.