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  'The poor, poor markets' you talk as if they are a thing apart. We are talking about people's pensions and savings, ordinary people, not just the rich. Maybe your included.
  
  Howard - Greece alone would not cause too much problems. It is the knock-on impact of other countries following suit that is the big problems. Spain and Italy are big economies.
  
  Philip - I have been saying for a long time that the Euro will not survive, that a break up is inevitable and that some 'limited default' is likely. A world-wide depression need not be the result and, indeed, as I have said many times a break up of the Euro is more likely to spark an economic recovery in the weaker countries that quit. But - a chaotic break-up and wide-scale defaults combined with runs on banks could well have a serious impact on the world economy. At the end of the day we cannot go on as at present and a federal Eurozone is not a likely outcome if only because it would mean Germany paying for the debts of all the weaker countries while those countries will find themselves under effective German control and will have lost a democratic mandate.
  
  A managed break-up is needed to limit the downside problems.

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