Mario Draghi's promise to do “whatever it takes” to save the euro never did look like inducing any more than a temporary lull in the storm; still less did the German Constitutional Court’s thumbs up to the European bail-out fund and the trouncing that eurosceptic parties received in the Dutch election. Yet the eurozone crisis has sparked back into life more swiftly than even I would have anticipated, with the epicentre returning to a fast-shrinking Spanish economy. Political and economic developments are once more threatening to combine into an uncontrollable firestorm. To understand why, it is first necessary to ... (full story)