Eurozone debt crisis brings little New Year cheer

After a year dominated by economic woes, European leaders have set out in late 2011 plans to curtail the spiraling eurozone debt crisis. Yet as the New Year and 2012 loomed it did not look like 2012 would be any easier.

In the commentary feature from Spiegel Online international author writes that since its inception, the euro zone has been built on lies, the most grievous of which is the idea that the common currency could work without political union. But Europe's politicians were still suffering under a different but equally fatal delusion - that they have all the time in the world to fix the crisis.

• Primary Source

BBC News, 30.12.11: Three big questions for the eurozone http://www.bbc.co.uk/news/business-16367653

Spiegel Online International, 30.12.11: Delusions of the Euro Zone. The Lies that Europe's Politicians Tell Themselves http://www.spiegel.de/international/europe/0,1518,806469,00.html

ESO: Background information: No crisis too big for more EU navel-gazing http://www.europeansources.info/record/no-crisis-too-big-for-more-eu-navel-gazing/

BBC News, 22.12.11: The euro: Still in casualty http://www.bbc.co.uk/news/world-europe-16305731

EurActiv, 22.12.11: 2011: 'Annus horribilis' or 'annus mirabilis'?[ http://www.euractiv.com/global-europe/2011-annus-horribilis-annus-mirabilis-news-509911

Euronews, 30.12.11: Europe marks the turn of a year of economic crisis http://www.euronews.net/2011/12/30/europe-marks-the-turn-of-a-year-of-economic-crisis/

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