As for what all this means for the euro, Englander is glum. "Neither the likely impasse between Greece and other euro zone countries on their respective visions of austerity, nor the costing of a euro zone breakup are euro positive," he wrote. "The euro’s weakness is that, while the willingness to find broad solutions has grown, the potential costs seem to be growing even faster" as the number of investment grade countries in the euro zone shrinks and weaker countries' troubles worsen.
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