SLOWLY but surely, the Eurozone crisis is escalating. There is no longer a “risk” of contagion – it is already here, big time. Forget about Greece – and even Portugal. The European and UK economies would just about survive their default. The real nightmare would be if Italy or Spain were also to hit the rocks. ... Those of us who opposed the euro in the late 1990s and who warned that it would end in tears have been vindicated – tragically, however, it looks as if the whole world will soon be paying a terrible price for the megalomania of Europe’s economically illiterate establishment.