If the euro fails, Europe fails." German Chancellor Angela Merkel has said it many times since the beginning of the euro-zone crisis, as a way of underlining the preposterousness of either idea. Now the words seem like a prophecy. Europe's much anticipated and much delayed euro rescue has yet to fully materialize, as European leaders squabble over who will have to eat the losses on Greek sovereign debt: banks or governments. It almost doesn't matter, since there's not enough money in the proposed rescue plan to both recapitalize Europe's banks and support the debt of all Europe's weaker countries like Portugal,...
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