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Opinion
Clive Crook

Greece and Germany Agree the Euro Can't Work

Whatever the outcome, the EU has suffered lasting damage.
The fate of the Euro?

The fate of the Euro?

Photographer: Yorgos Karahalis

Ahead of Monday's European Union summit, the only thing you can rule out is a happy ending. Whatever happens at the leaders' meeting -- even if a deal of some sort emerges -- the EU has suffered lasting and perhaps irreparable damage. The available choices run from bad to terrible.

The costs to Greece and to the EU of a default followed by Greece's ejection from the euro system could be huge. But even if the worst doesn't happen, Europe has suffered a total breakdown of trust and goodwill. That can't easily be undone -- and it's a dagger pointed at the heart of the entire project.