David Underwood

If Greece lurches into a default that has not been adequately planned for this October, then Italy, Spain, Portugal and Ireland could follow, which would lead to the collapse of the Eurozone and a global markets meltdown. It sounds dramatic and it could truly be just that.

Will Eurobonds save us? The EU will be looking at a firm proposal to create Eurobonds later this year but Germany and France are dead against the idea. But are Eurobonds the only way to stave off a complete collapse of the Eurozone?

Countries using their currencies as a policy tool are putting global recovery at risk. “Beggar thy neighbor”, “competitive devaluation”, “race to the bottom” are the polite terms but the fact remains, it is a “currency war”. This is not just an argument between China and the USA; anyone can be dragged into the ring at a moment’s notice and be left scrambling for cash.

Does Russia still belong in this exclusive club? The country may not have the internal demand to decouple but can Russia survive without US led growth?