Chilling Words From Mohamed El-Erian, CEO of Pimco.

One of the things that economic commentators such as me got wrong in thinking the euro would by now have fallen apart is precisely this point – we underestimated the extent to which the euro had become a kind of religion, such that almost no penance is too harsh. The old saying is that when politics and economics collide, it's always the economics that end up winning. Yet in the euro's case, the politics have triumphed over the economics - thus far at least. Telegraph.