Eurozone governments in last-chance saloon to save the single currency... All of the metaphors have been used -- from edge-of-a-cliff, meltdowns and hanging threads -- but the real terror confronting the eurozone is that its banks, out of fear that other banks' solvency is threatened by default on sovereign debt, could stop lending to one another. This would bring the credit system to a halt and the ensuing liquidity crisis would, if left unresolved, result in insolvency and default. European economies could languish in deep recession for a decade or more and this is how a euro crisis would play out -- in sets of insolvency, uncertainty and illiquidity. So what exactly happened to the eurozone officials over the past 10 days? First, finance ministers admitted there may need to be a default on sovereign debt. They did not specify for which country or in what form. Instead, they tried to duck out for their summer holidays and said the details would be announced in September.
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