Problem in Europe is Arithmetic, Not Confidence; Why the Eurozone Cannot Possibly Survive Intact

Problem in Europe is Arithmetic, Not Confidence; Why the Eurozone Cannot Possibly Survive Intact Via email, Michael Pettis at China Financial Markets makes a compelling case why Spain is destined to leave the euro. For ease in reading, I added the subtitles in bold

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Problem in Europe is Arithmetic, Not Confidence; Why the Eurozone Cannot Possibly Survive Intact