The crisis is a long way from the boasts of former European Commission President Jean-Claude Juncker who once boasted the single currency was “the EU’s greatest achievement.”
Mr Lyddon now points out Germany’s credit rating is all that stands between the Euro and collapse.
In reference to France’s rating tumbling, he said: “Even that is hanging by a thread: 417bn dwindles to 183bn if Frances public credit rating falls just one level from AA to AA-.
“France only escaped that in June this year because the rating agency Standard and Poors said Frances debts had the ‘implicit support’ of Germany.
He went on: “For ‘implicit’ read ‘doubtful’ there is no legal obligation on Germany to pay Frances debts of 4 trillion as well as its ow…
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