According to Olivier Blanchard, chief economist of the International Monetary Fund, the Eurozone – and the world economy – are in a very dangerous place. In April Blanchard warned that if Greece pulls out of the euro “it is possible that other Euro area economies would come under severe pressure as well, with a full-blown panic in financial markets. Under these circumstances, a break-up of the euro area could not be ruled out. This could cause major political shock that could aggravate economic stress to levels well above those after the Lehman collapse.” Such a shock, indeed, could “produce a major slump reminiscent of the 1930s”