Paul Krugman Explains The Eurozone Crisis In One Sentence

"What has happened, it turns out, is that by going on the euro, Spain and Italy in effect reduced themselves to the status of third-world countries that have to borrow in someone else’s currency, with all the loss of flexibility that implies."

Read more: http://www.businessinsider.com/paul-krugman-spain-and-italy-were-reduced-to-third-world-countries-2011-11#ixzz1dR0Y8JlN