So what did I miss....?
Quite a lot it seems. There was yet another bank bailout in Spain, while Greece hurtles towards a total meltdown.
Meltdown has become an overused word, but in the case of Greece we may be about to see something we haven't seen since 1917. A European country is about to have a Bolshevik revolution.
This horrifying vista before us is due to the utterly misguided idea that Europe needed a single currency. Instead of promoting European Union, it has brought division, poverty and stagnation.
Unfortunately, there is no explicit mechanism for leaving the Euro. Everyone is making it up as they go along. Nevertheless, it must be obvious to everyone that the currency union needs to break up. At a minimum, at least half a dozen euro members need to leave and reintroduce their own currencies.
The sensible thing to do would be to hold a weekend Euro summit and announce the break-up of the Euro. A subset of countries would announce their departure as of midnight Sunday. Bank deposits would be converted into national currencies. Euro banknotes would remain liabilities of the ECB.
Banks would remain closed for a week. Capital controls would be introduced in those countries departing the Euro. There would be panic, and possibly some rioting. Governments would fall and new ones will be elected. European GDP will fall, unemployment will rise and there might even be a little hyper-inflation. However, one could hardly expect anything else at this late stage.
The main thing is do it soon, and do it quickly.