Europe’s Financial Crisis – a World Changer!
By Brad MacDonald
It is easy to overlook the financial crisis rocking Europe. To let it be eclipsed by other seemingly more pressing crises, such as the devastating weather striking the United States, the food crisis and the rocketing price of oil, the quake and nuclear crisis in Japan, or the violent and transformative uprisings that have swept through North Africa and the Middle East.
This would be a mistake.
Ultimately, Europe’s financial crisis will revolutionize Europe – and even the world!
It was almost exactly 12 months ago that Greece – laden with debt, its economy seizing – accepted a €110 billion bailout from the European Union. Led by EU heavyweight Germany, Greece’s European counterparts hoped the bailout would help Athens pay its bills, kick-start the economy and restore investor confidence in Greece. Most importantly, Europe’s leaders hoped to prevent the crisis from spreading to other heavily indebted eurozone economies. Within months, those hopes were dashed. Since May 2010, both Ireland and Portugal have been given bailouts, while other countries, including Spain, remain precarious.