How bad a shape is the eurozone in? Read:

“The economic situation is worsening from month to month, and unemployment has reached a level that puts democratic structures ever more in doubt,” he said.

“The Germans have not yet realised that southern Europe, including France, will be forced by their current misery to fight back against German hegemony sooner or later,” he said, blaming much of the crisis on Germany’s wage squeeze to gain export share.

Those are the words of Oskar Lafontaine, the former German finance minister (and lefty) who helped create the euro. But as I’ve written before, the euro was doomed from its inception, as Lafontaine and many others should have known. The rest is just details.