Eurozone mess can't be fixed; it can only be ‘muddled through'

The verdicts ranged from "deeply pessimistic" to "not ready to give up" -- perhaps the most optimistic assessment at the meeting -- and the group in its assembled wisdom concluded that there are no realistic solutions and the only course of action they could see is "muddling through."

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And yet, participants noted, the European public seems reluctant to give up the euro. Not even Greece, which has suffered terribly in the straitjacket of a common currency with Germany, is willing to give it up. So the answer is muddling through. And muddling through is one thing Europeans excel at, even though it has brought mixed results.

... The danger, as history has shown and one of the participants in the OMFIF discussion warned, is that if policy makers cannot come up with a plan to unwind an unsustainable situation, events could impose an "accidental solution" that will be far worse.