Will optimism save the euro? NO!

 2011 will be a “fateful year for the euro”, headlines the Frankfurter Allgemeine Zeitung, predicting that the survival of the single currency will be assured if the year ends on the same note of optimism on which it began – at least in Estonia, which has just transitioned to the euro. The secret to the euro’s success lies in trust, deems the German daily: trust between the strong and weak nations of the eurozone, but also between the EU and Hungary, which took over the rotating EU presidency on New Year’s day. "With its – often partisan – criticism of Budapest, the EU might in the long run come to resemble the snake that bites its own tail,” comments the FAZ, adding that “the six months to come will be decisive for the euro and will have need of an EU presidency that is not constantly on the defensive".Frankfurter Allgemeine Zeitung