A gravity test for the Euro

Do the gnomes of currency markets seriously believe that the eurozone governments' latest "comprehensive package" to save the euro will hold up for more than a few months?

The new plan relies on a questionable mix of dubious financial-engineering gimmicks and vague promises of modest Asian funding.  Even the best part of the plan, the proposed (but not really agreed) 50 percent haircut for private-sector holders of Greek sovereign debt, is not sufficient to stabilise that country's profound debt and growth problems.