I have always believed that the Euro as a single currency is unsustainable, but that the collapse might take a long time. The arguments presented in this article suggests to me that the “when” might be more imminent. What are the implications of that from an investment point of view? I find it difficult to believe that Northern Europe will prop up Spain in the same way as they are temporarily doing for Greece. It looks plausible to me that Spain will exit the Euro, followed by France. European shares will continue their decline and if one is patient there will eventually be some real bargains.