"What were they thinking?..." from Frances Wooley on Worthwhile Canadian Initiative (and good comments on that post). "No one ever seriously considered the possibility that an EU country might not be able to repay its debt... ... the question is: Why?" Click on image to enlarge: the graph is 6 months old but it does tell the story of 'The Much Praised "Convergence" as a Cause'; the failure of the market to differentiate across the Eurozone members and treat all Eurozone governments as the same (paraphrasing Frank J. Lysy via the 6 month link above). Hat-tip Raedwald.
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