The sovereign debt crisis took many by surprise – but not all

In recent months, many financial analysts have said “I told you so” with regard to the debt crisis presently choking European growth. For most of them, however, that assertion is mere hyperbole. Except for Bernard Connolly,  a former European Union economist, who worked in the early 1990s to help design the common currency.

By the end of the decade, Connolly predicted that at least one of Europe’s weakest countries would find itself on a “downward spiral from which there is no escape unaided. When that happens, the country concerned will be faced with a risk of sovereign default.”  Read more about Connolly in the New York Times.

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