Those who are hoping for a more optimistic outlook of the global economic future should probably not read on. According to a report released in 2011 by the Union Bank of Switzerland entitled Euro Break up-The Consequences, the death of the euro is inevitable and the long-term effects of such an event will potentially include civil war, the collapse of international trade and sovereign default. What makes such an assertion so frightening is that the UBS has a hegemonic influence over the world economy. The UBS is the worlds second largest manager of private wealth assets and maintains over $2.68 trillion in assets-much of it invested in Europe and Euro assets. The report also suggests that Germany is also considering leaving the Euro. Despite an agreement reached this summer by Eurozone leaders to provide Greece with a second bailout package, many international investors and financial markets are predicting the country will default on its debt obligations. A Greek default could bring down the indebted economies of Spain and Italy. With French banks also heavily exposed to Italian debt, this would likely set off a European banking crisis that would threaten to unravel the entire single-currency zone. Economists and investors have cautioned that such a scenario could ripple through the U.S. banking sector and trigger another global financial meltdown. There is only one country in the euro zone capable of bailing out the euro zone members: Germany. And we are nearing a situation where the cost to Germany exceeds the benefit. Germany is the worlds third-largest exporter, after China and the United States. By forming a free trade zone, the Germans created captive markets for their goods. But once the crisis hit, the inability of Greece to devalue its money which, as the euro, was controlled by the European Central Bank and the ability of Germany to continue exporting without any ability of Greece to control those exports exacerbated Greeces recession, leading to a sovereign debt crisis. Moreover, the regulations generated by EU so enhanced the German position that Greece was helpless. Given the political difficulty in implementing austerity measures, usually a country's currency is devalued. However, there was no Greek Drachma to devalue. The country is stuck in the euro zone. The only choices the country has are sovereign default, extreme austerity, return to the Drachma -- or being bailed out. It has to be remembered here that the Euro was adopted in Germany without any democratic vote by the German electorate. In fact, there was a lot of concern in Germany at the time that the Germans would have rejected the Euro had it been voted upon and this is the very reason a vote was not held. There are growing calls within Angela Merkel's center-right coalition to let Greece default and, potentially, leave the Eurozone. Despite Merkel's warning that it is in Germany's interest to keep Greece in the Eurozone, Der Spiegel (Germanys weekly news magazine with a weekly circulation of more than one million) reported that German Finance Minister Wolfgang Schuble is working on contingency plans for the continent in the event of a Greek default. Germany and Greece each have explanations for why the other is responsible for what has happened. In the end, Germans are Germans and Greeks are Greeks. Germany and Greece are different countries in different places with different value systems and interests. The idea of sacrificing for each other is a dubious concept. The idea of sacrificing for the European Union is a meaningless concept. The idea behind EU was that you will like Europe because it will be prosperous, and with all of Europe prosperous there will be no need to choose between your nation and other nations. But when the prosperity stops, the justification to avert conflict evaporates. ARIJ AWAIS, UK, September 17.