Gloomy Predictions for Euro Zone Are Misplaced

Mark Twains' famous quip about Wagner – "It is not as bad as it sounds" – also applies to the euro zone and the situation in Greece. In fact, the situation is not just "not as bad," but infinitely better than some soothsayers of Europe's doom make it sound.

Nobody knows the outcome of the next elections in Greece, which are entirely for the Greeks to decide. However, I believe that whatever might be announced in the heat of election campaigns will look quite different later in the cold light of reality. However, even if irrational policy choices are made, they no longer have the potential to derail the euro, the euro zone or even the European Union.