Not only Greece
June 24, 2012 05:30
This is the time for us to gear up for big, bad trouble. We cannot afford to be complacent spectators.
Greek man walks past drachma coin replica in Athens 370 (R).
(photo credit:REUTERS/Yorgos Karahalis)
It would be incorrect to conclude that last week’s formation of a new government
in Athens categorically preempted the looming Greek tragedy which threatened the
entire euro zone. Europe is by no means safe, although the Greek electorate’s
narrow pro-euro preference is clearly better than the alternative that would
have triggered potentially catastrophic chain reactions.It’s a relief
but at best a very temporary one. The pro-bailout coalition doesn’t represent a
decisive turning point. It’s merely a brief intermission in the unfolding drama.
Europe was spared an immediate crash but the deep divide remains between its
wealth-generating northern economies and the welfare-reliant south.