But perhaps the biggest sin of the lot was effectively to render all credit default swaps (a form of insurance against default) on sovereign debt essentially worthless, or void, by making the Greek default "voluntary".It was inevitable, I guess. The Truth will set you free, Our Father told us. And 'You have to lie' will eventually come and bite you in the rear.
This has made it impossible to hedge against eurozone sovereign debt purchases, and thereby destroyed the market. Worse, it's made investors believe that the euro cannot be trusted, that it'll repeatedly find ways of reneging on contract. That's the point of no return. This is no longer a serious currency.
Jeremy Warner (again... Yes, I know) explains in two short paragraph why the euro is a doomed currency.