Not the end of the road for euro yet

European politicians and bankers contradict each other over the extent of the current financial crisis, writes the liberal daily Sme: "The German Chancellor Angela Merkel sees the persistent problems of some countries as a menace to the euro. Her words outraged the governor of the Austrian National Bank, Ewald Nowotny. The euro, he said, is not in danger. In danger are individual countries. Not even the European leaders agree on the extent of the threat. At the end of the day Merkel and Nowotny could both be right. The Eurozone can handle Greece and Ireland. But it would be far more difficult - if at all possible - for it to deal with similar situations in Portugal and Spain. ... However even that wouldn't necessarily mean the end of the single currency. Only once people start looking for an alternative can one talk of that. Trust in a currency is shattered by major inflation. For that reason it is essential that the European Central Bank keep the euro under control and in balance with the real economy."

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