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"The euro’s big lie,” reads the headline on Der Spiegel, above an excerpt from the Lisbon Treaty providing that no member state may stand surety for another’s obligations. The good news from Greece is but a calm before the next storm, writes the German weekly. We’re dealing with gamblers of the worst sort: member states that manhandled the euro for years in order to live above their means with the help of accounting tricks or turned a blind eye (or two) to what fellow members were up to. "The euro is based on a pack of lies, and there is a price to pay for that,” admonishes Der Spiegel. After having rejected financial transparency and a common economic policy “Europe will be faced with a choice between death and suicide” should any of the major players go bust. There is simply no getting away from the need for an economic government over this “community of fate”.
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