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The Euro Mutiny Begins

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"The rebellion against the 1930s fiscal and monetary policies of the Euro-complex is gathering pace," writes Ambrose Evans-Pritchard. "Il Sole has published a letter by 100 Italian economists warning that the austerity strategy imposed by Brussels/Frankfurt risks tipping Europe into a self-feeding downward spiral. Far from holding the eurozone together, it will cause weaker countries to be catapulted out of EMU. Others will leave in order to restore sovereign control over their central banks and unemployment policies. At worst it will blow the EU apart, leading to the very acrimony that the European Project was supposed to prevent."