Until very recently, the idea of the Euro not surviving in its present form was regarded as a fringe idea mainly entertained by a small group of supposedly ill-informed and biased US academic economists. Yet today, markets are pricing in a considerable probability that at least one of the Eurozone’s peripheral member countries will default on its sovereign debt within the next three years. And markets are increasingly coming to connect the dots from a sovereign debt default to a break-up of the Euro in its present form.

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