On the issue  of Eurozone

On the issue  of Eurozone bonds, how do you suggest they can be backed jointly if the member states are on the verge of financial collapse themselves (ie, Italy & Spain). IM

Because eurozone members issue euro-denominated sovereign bonds individually, speculators can pick off the weaker members one by one. It's like the difference between the bonds of individual US states and federal treasury bonds. The obstacle to eurozone, jointly guaranteed, bonds is political and beyond the control of 'experts'.  

It's the parochialism of 'expert government' that I'm underlining.

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