Euro's crisis is thanks to hubris of European elites

I missed most of the 9:00 news tonight and so didn't see how (or if) RTE reported on today's news on the euro, but it's gotten a lot more serious. Greek debt is now junk, the euro fell by more than 2¢ against the dollar (a currency with its own concerns) and today a member of the FDP - junior coalition partner in the German Government - said Greece might have to "leave the euro zone for a time."

The German and Greek peoples are pulling in opposite directions. The Germans don't want to bail out the Greeks (or any other errant euro members) and the Greeks don't want to endure the pain required to get their government spending under control to German satisfaction.

Are we approaching the moment of truth for the euro (& the EU)? I've said before that I'm not anti-EU, but I've never understood why the European elite kept plowing on with their political project when the people were so far behind. The European project was too important to allow it be forced on people, but never sufficiently explained.

Now you see the results. First real difficult moment arrives and the various peoples of Europe are pulling apart. The Greek & German governments are like rubber bands stretching, stretching trying to keep holding hands with each other while their respective voters pull them back from any sense of European solidarity.

How do you think this image from Athens on Die Zeit's web site plays with the German people?

The stupid things is, if the euro disintegrates, the European Union will follow. It should never have come to this. The hubris of the Europhiles was as great, maybe greater, than that of the bankers who are public enemy number one today.