Not only Greece

By
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 passes a drachma coin replica in Athens

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.

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