In turmoil, Greece and Italy deepen euro crisis spotlight image

In turmoil, Greece and Italy deepen euro crisis

Press quote (The New York Times)
07 November 2011

“In the longer run, the eurozone cannot be viable unless something is done to tackle the imbalances that gave rise to the crisis,” said Charles Grant, the director of the CER, a London research institute. “Either there has to be a convergence of unit labor costs, via effective reform in the south, or there must be permanent transfer union, with payments flowing from north to south.”