This is not a foregone conclusion but, if Italy does not reform, an exit from EMU within 5 years is not totally unlikely.

FORBES: Friedman and Roubini on the Euro Breakup

Given this possibility of simple exit from any and all of the European tax systems (and such exit does not require that one stays in the EU either) the theoretical peak of the Laffer Curve is lower in Europe than it is in the US. Where such exit is very much more difficult.

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The forecast does not rest on a potential Greek exit.

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Well-wishers, including France, Russia and Egypt, have warned him of the devastation that will descend on his country and his people if he does not go farther, accepting the exit on offer.

ECONOMIST: Mercy mission to Baghdad | The

So anyone who has to live in this region and has to stay there and protect our interests year in, year out, does not look at this as a start and end, as an exit strategy, as a two-year tenure.

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Once Greece goes, most analyses of the exit process say it will be painful but containable, as long as it does not spread.

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