Keeping up with the Euro crisis

Keeping up with the saga of the Euro area crisis is becoming as confusing as watching every third episode of a spy series with a revolving cast.

Today the Germans voted to put extra funds into the 'bail out' fund for defaulting Euro members. Most people think this is nowhere near enough.

The Commission have proposed a tax on all financial transactions to create a 50 billion Euro fund to help pay for the bailout. But the British will never agree to this as it means the UK will be paying to prop up a currency they never joined.

The Euro was never an 'optimal currency area' and as the late Professor Pearce said 'It will never work'. Despite the best, if reluctant, efforts the Euro will probably not survive.

The BBC understand your angst at this long and drawn out affair and have produced a Q&A on the latest IMF/G20/EU proposal. This includes proposals to let Greece partially default which is seen as inevitable now.

The BBC Q&A is here