28 Sep '11, 1pm

"This isn't a Greek debt crisis hitting Europe. It's a European debt crisis hitting Greece"

"This isn't a Greek debt crisis hitting Europe. It's a European debt crisis hitting Greece"

None of the squabbling eurozone states at present know how to break it. Europe lacks a central authority that can simply impose a solution – and nor, in the midst of this chaos, is it likely to acquire one. The balance to be struck is between forcing banks, who hold the sovereign debt, to take a hit; or providing continued public support, through bailouts and sovereign debt purchases. The former risks financial collapse, and in any case banks have dug their heels in. The latter is becoming wildly expensive, but is where the balance of mainstream European opinion lies. Better to fork out now, and hope for the situation to resolve itself, than to bring the crisis to a head.

Full article: http://www.neweconomics.org/blog/2011/09/28/europe-divided

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