The European drama has morphed into phase 3, writes Mohammad El-Erian, "a crisis of the...

|By:, SA News Editor

The European drama has morphed into phase 3, writes Mohammad El-Erian, "a crisis of the 27-member EU as a whole." The U.K. may have been the only withdrawal last week, but 4 other states are now also making rumblings. "As time passes, the option of a smaller and less imperfect eurozone is becoming the only way to 'refound' a union" that has a chance.