If you are looking to fill 20 minutes on this low volume pre-holiday 'trading' day with some sanity (away from the low correlation markets), look no further than the following interview between CMC Market's Michael Hewson and Roubini Global Economics' Megan Greene. From the evolution of the European sovereign debt crisis to a financial and political firestorm, the growing divergence between Merkel's demands and the rest of Europe's needs, to the band-aid plugs to practically unsolvable fiscal differences, she does an excellent job summarizing not just the problems, but the solutions' efficacy so far, and the troublesome future ahead. Furthermore, her perspective on the 3Y LTRO 'carry-trade' that it exacerbates the crisis and is a terrifying prospect fits with our view that while the prospect of this silver bullet is timely for year-end thin markets, the reality is far different (as we see in ITA and ESP bonds today). She notes that this effort will just strengthen the negative feedback loop between sovereign and banking systems. Expecting multiple Euro exits, she sees more can-kicking with jolts from mini-crisis to mini-crisis as the political will is just not there for Germany - ever. Monetary union is really a political choice, and with as many countries dropping out as she expects (as austerity fatigue increases), there will simply not be the political will to keep the Euro project going any longer.