As I see it now, the euro crisis

It has not gone away!

First, let's be clear UK did not exercise a "veto", if it had been a veto then the policy would not go ahead, at least not within the EU organisations… Cameron simply walked away. This leaves 26 countries to form a new EU group, with us on the outside. No one in their right mind could think this new group will not find a way to use the EU institutions (Council, Commission, ECB, Courts) to work for them… resulting in a constitutional crisis and working paralysis…

Next, there is still no protection at all for our "financial industry" (remember the guys who got us in this mess in the first place…) as new finance regulations within the EU (of which remember we are a part) will be imposed by majority voting. This seems 100% certain as 26 of the 27 have expressed their intention of grouping together to solve the finance crisis.

Next, The Lib Dems are right. We need to be strong, and be inside the EU. We are, whether we like it or not a part of Europe, there's no where else for a small, broken country to go…

Next, the agreement may fix the deficit problems and agree the 3/60% rule by legal means - whatever the economic consequences for poor Greece and the others - probably this will create a severe depression…

But, they have not solved the debt problem. The huge sovereign and bank debts remain. The small bazooka of various funds will not cure the problem, as it is unbalanced unless a common euro bond is issued to balance all the countries in one group.

So, now let's see what happens next…