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The Euro on the Ropes

2:39 PM, Jul 31, 2012 • By GEOFFREY NORMAN
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"I don't think ultimately that the Europeans will let the Euro unravel, but they are going to have to take some decisive steps ... and I am spending an enormous amount of time, trying to work with them. The sooner that they take some decisive action, the better off we are going to be," Barack Obama, July 30, 2012.

The president said this at a $40,000 per-plate fundraiser in New York last night and someone should tell him that he may be wasting his time. The fate of the euro depends, in the end, on the good opinion of the German people and they don't seem to be impressed by how much time and energy the president is spending on the matter and might, in fact, be inclined to suggest that he get his own house in order before presuming to tell them how they should conduct their economic affairs.

The trend, according to this report, is decidedly against the Euro:

Angela Merkel was last night said to be ‘profoundly disturbed’ after a poll showed that a majority of Germans want to ditch the struggling euro.   Sources in Berlin said the German chancellor was shocked by the evidence of growing Euroscepticism in her country, at a time when Germany is under huge pressure to bankroll a rescue of the single currency.  The poll in a German newspaper found that 51 per cent of Germans think the country should return to the deutschmark.  It is the first poll to show that more want to leave the euro than stay in it.  Only 29 per cent thought Germany would be better off staying inside the 17-strong eurozone.

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