The worst of the debt crisis lies ahead, writes Wolfgang Munchau, who takes the contrary stance...

|By:, SA News Editor

The worst of the debt crisis lies ahead, writes Wolfgang Munchau, who takes the contrary stance that the ECB's policies have not bought time, but instead have slowed necessary economic and political adjustment. Spain - which had the most egregious property bubble, but has done little to account for it - is next. "Default is the only escape."