The evolving Greek fiscal tragedy represents more than an isolated case of a particularly poorly run government. It reflects a deeper and potentially irreversible malaise that threatens the entire European continent.
The issues at the heart of the Greek crisis--huge public debt, slow population growth, expansive welfare system and weakening economic fundamentals--extend to a wider range of European countries--most notably in weaker fringe nations like Portugal, Italy, Ireland, Greece and Spain (the so-called PIIGS). These problems also pervade many E.U. countries still outside the Eurozone in both the Baltics and the Balkans.
For more: America's European Dream - Forbes.com
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