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Europe is on the verge of collaps
March 22, 2010, 2:02 pm
Filed under: Uncategorized

WASHINGTON POST: LONDON — After Greece recklessly spent its way into a debt crisis, potentially leaving German taxpayers to help fund a bailout, lawmakers in Berlin offered a suggestion to their profligate neighbors to the south: If you want to raise cash, why not sell off a few of your islands?

That idea came only a few days after the Greeks, furious over earlier German criticism of their spending habits, suggested the Germans could solve the problem by making reparations for gold stolen during the Nazi invasion. “They took away the Greek money and they never gave it back,” Deputy Prime Minister Theodoros Pangalos said. “This is an issue that has to be faced sometime in the future.”

The sharp exchanges in recent weeks underscored a growing discord within the European Union, a region confronting a mounting array of economic and diplomatic problems that are putting the 27-nation alliance through its toughest test in years. In recent weeks, bitter disputes have broken out in Brussels over the naming of high-level diplomats overseas, while E.U. nations have been unable to reach a key agreement on how — and whether — to save Greece and prop up the hard-hit euro.

The frictions in Europe could further pressure global currency and bond markets, hamper expansion of the euro and derail attempts to boost the region’s clout on the world stage. They are also threatening to complicate efforts by Washington to work with the Europeans to solve long-standing problems, such as a massive gap in NATO financing, as well as newer ones, such as the push to establish global norms for financial regulation in the aftermath of the “Great Recession.”

Taken from and Read More: http://www.washingtonpost.com/wp-dyn/content/article/2010/03/20/AR2010032002713.html

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