George Soros Blog on Eurozone

Just read the following Guardian blog by George Soros where he says that austerity in a period of rising unemployment threatens to push the Eurozone into a vicious deflationary debt spiral from which it will be difficult to escape.  I have this image of a juggernaut falling over a precipice in slow motion:
http://www.guardian.co.uk/business/economics-blog/2012/jan/06/europe-year-indecision-future-conflict?INTCMP=SRCH

Policy disagreements are playing out more or less along national lines. Photograph: Geert Vanden Wijngaert/AP