Fundamental flaws in the European project; a warning to Eriya kategeya and EAC

The fatal defect in the eurozone project was that it was informed by a neoliberal view of leaving policy entirely to market forces. The euro is under attack from the financial markets, with Greece on the verge of default, Portuguese and Irish Eurobonds demoted to junk status and Italian and Belgian bonds under speculative attack, with Spain next in line. What is more, the real fear is that a default in one country will trigger a domino effect and bring down some of Europe's major banks. Although the Greek and Portuguese economies account for only a small percentage of Euro Area (EA) output, were default contagion to spread to Europe's larger countries, the entire euro edifice could be brought down. http://www.twnside.org.sg/title2/resurgence/2011/253/cover03.htm