It's too late for Germany to save the euro

Economist Tyler Cowen shares some thoughts on the Cyprus deal on his blog, and one line is dramatic but important:

I've heard (non-serious) talk that Germany should leave the Eurozone instead of Greece.  The Euro would then fall in value and all would be better, supposedly.

GOOD news out of the euro zone: the euro area ran a higher than expected trade surplus in November of last year thanks to a surge in exports. The bad news? The November surplus was jsut under €14 billion in an economy with annual output of nearly €10 trillion. 

George Soros, the US speculator turned billionaire philanthropist, has suggested both Greece and Portugal quit the European Union and the euro-zone because of their massive debts."One has so mishandled the Greek problem that the best way forward at present might be an orderly exit" with Greece leaving both the EU and the euro common currency, he said in an interview published Sunday by the German magazine Spiegel.He suggested the same might go for Portugal."The EU and the euro would survive it," he added.

We're going to need a bigger acronym.

Report Shows Netherlands Would Benefit by Leaving Eurozone Inquiring minds are reading a 73 page detailed report The Netherlands & The Euro that explains country by country why Italy, Greece, Portugal, and Spain are going to need lots more money, and the Netherlands and Germany will end up footing the bill.

By Robert Guttmann, Professor of Economics at Hofstra University and a visiting Professor at University of Paris, Nord. Cross posted from Triple Crisis