Paul Krugman thinks it’s only months away, and it starts like this:
1. Greek euro exit, very possibly next month.
2. Huge withdrawals from Spanish and Italian banks, as depositors try to move their money to Germany.
Then controls put in place to prevent people from moving their money across borders. And then? Germany’s going to have to bail out Italy and Spain — fat chance of that — or the euro will collapse. Krugman says this is going to happen in a matter of months, not years.
Maybe I should reconsider October in Paris…