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Greece: Frazzled Eurocrats Play for Time


The Greek government [pushed] through Parliament an austerity package to avert a default on billions of euros in government debt. Success, only postpone[s] an unsavory choice that the euro area's leaders will face sooner or later: Let Greece go and put both the European experiment and the global economy at risk, or forge a deeper union in the face of opposition from their voters. The Greek crisis has become a defining moment in a project that traces back to the 1950s, when a small group of politicians started what would eventually be known as the European Union. Their aim was to form such strong political and economic ties that the horrors of World War II could never happen again. – Bloomberg

Dominant Social Theme: The EU will continue to prosper. What has taken place are only "bumps on the road."

Free-Market Analysis: It wasn't supposed to be like this. The Bloomberg article excerpted above, recites the appropriate dominant social theme as regards the European Union, but the tone is likely a good deal more doleful than Eurocrats may have expected when planning the EU's greater consolidation.

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