Just published in the FT, an article written by George Soros: FT.com / Comment / Opinion - The euro will face bigger tests than Greece Some of the key points are: The euro was a unique and unusual construction whose viability is now being tested. The construction is patently flawed. ... only a Treasury can deal with problems of solvency. This is a well-known fact that should have been clear to everyone involved in the creation of the euro. If member countries cannot take the next steps forward, the euro may fall apart. But this is politically impossible. So makeshift assistance should be enough for Greece, but that leaves Spain, Italy, Portugal and Ireland. I find this article the clearest statement about the Euro I've seen. I'm interested to see he feels that a muddle through solution may be possible with Greece, and also that he credits the Greek people with willingness to take the austerity medecine. He sees the blow coming from problems in Spain, Italy, Portugal and Ireland. George Soros ends by a statement which taken at face value is hedging. "The question is whether the political will for these steps can be generated." This presumably means that if the political will can be found to issue Eurobonds then the Euro can be saved. However elsewhere Soros makes it clear that he does not think this political will exists. And almost certainly such political will indeed does not exist, and is not possible with the Lisbon Treaty as it stands, and is not possible in the near or middle term. Furthermore issue of Eurobonds would de jure make the EU a sovereign state and take away the sovereignty of the 27. Members cannot take the next step forward, therefore the Euro must fall apart. I also think it is significant that Soros has come out and made this statement as his words will have impact. Arguably he is making things worse by speaking. Possibly he intends to prompt the Eurozone into taking correct action, which is to manage the inevitable breakup rather than follow the act of faith position that the breakup of a patently flawed construction won't happen.