George Soros - The current course is pushing euroland into a "lasting depression, and it is entirely self-created".

Ambrose Evans-Pritchard writes: www.telegraph.co.uk 

The residual euro would fall to a level that better reflected economic fundamentals in Southern Europe. Competitiveness would largely be restored at a stroke, without the need for debt-deflation. There would be no further risk of large sovereign defaults.

Mr Soros said — as he has many times before — that the current course is pushing euroland into a "lasting depression, and it is entirely self-created".

Indeed. "Entirely self-created". Repeat that a hundred times. There is nothing seriously wrong with Europe's underlying economy. It has magnificent companies, great creative skills, a global current account surplus and relatively low debt. (That is not a misprint. Europe does not have a debt crisis. It has a political crisis. It is so badly structured and so badly run that moderate debt has been allowed to mushroom into a crisis).