• Don’t take the recent euro strength at face value, it’s simply the result of US rates finally plunging to zero.
• Behind the euro facade is the fact that much of Southern Europe is basically insolvent with the ECB underpinning their public finances as buyer of last resort.
• Funny enough, this ECB buying will become much more difficult when the eurozone recovers.

Source: Much Of Southern Europe Is Insolvent | Seeking Alpha