Five years later, Europe's private debt has barely come down.
If destruction be Europe's lot, an EU nation itself must be its author and finisher. So what are the likely candidates?
Poland decided its economy was too healthy and so now it's going to try to join the Euro.
The small former Yugoslav republic had a rough week last week.
Money market funds abandoned Europe in the spring of 2011. The fact that the money is returning, like green shoots after a forest fire, is a sign of growing confidence that a major meltdown has been avoided.