The European Union proudly claims to be more than the sum of its 27 parts, with a collective wealth and influence that gives it elephant status in the global zoo. Its common currency, the euro, used by 17 of its governments (but not, importantly, Britain), ranks second only to the dollar as a reserve currency. But it only took a hungry Greek mouse running up the elephant’s trunk to send the beast into an intensifying panic.
The ghastly mess generated by the follies of Greece, a marginal, profligate and congenitally ill-governed Tammany Hall of a Mediterranean nation, is greater by far than Ireland’s banking difficulties or even Portugal’s debts. It has spooked markets worldwide. If it continues to be mishandled, it could derail Western growth. - Newsweek
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