2013 will be crunch time for the Eurozone, panellists at the
IBAs Legal Practice Division Showcase: The euro
area crisis thinking the unthinkable have
Efforts to reduce deficits in a
number of debtor countries within the troubled euro area have
in many cases succeeded only in reducing those countries
GDP figures, thereby worsening an already sorry situation. For
many countries, survival of the euro has come to mean harsh,
and potentially ineffective, austerity measures.
In this climate, a
Eurozone break-up is no longer unthinkable.
Bank of Irelands chief economist Daniel McLaughlin
said the situation was obviously concerning, but almost
inevitable considering the eurozone included 17 countries that
did not fulfil the criteria for a monetary union.
There are a lot of things wrong in the zone, and the
situation has been further exasperated by global
deceleration, he said. 2013 is shaping...