The diverse nature of the 17 countries brought together in monetary union has never been so apparent.
As Greece stands on the brink of bankruptcy, Germany, its financially disciplined and powerful eurozone peer looks down with disapproval on a country that for years lived beyond its means.
Greece may be in a bad state but it is not alone, and the eurozone's weakest economies have dragged down the strongest with them. As Howard Archer, economist at IHS Global Insight, puts it, the region "stuck one foot back through the recession door" in the fourth quarter of 2011, after the combined economy shrank by 0.3pc. The other foot is expected to join it in the coming months.
"We doubt that the eurozone will be able to avoid further contraction in the first quarter and very possibly the second as well in the face of tighter credit conditions, a further tightening in fiscal policy in many countries, the ongoing pressures facing consumers, and limited global growth," said Mr. Archer.
This story was filed in The Telegraph late last night London time...and I thank Roy Stephens for sending it along. The link is here.
