Let us be perfectly clear: The fiscal woes of Greece, one of the European Union’s weaker economies to begin with, are quite likely beyond even the abilities of the denizens of Mount Olympus to solve. Greece, a thoroughgoing socialist basket case for decades, is probably going to lead the rest of the soft economic underbelly of Europe — Spain, Portugal, and eventually, Italy – into insolvency, a chain of events that may dissolve Europe’s decades-old experiment in economic unity.
Following a heated debate and the collapse of the Dutch government over the issue, Prime Minister Jan-Peter Balkenende announced Sunday that the Netherlands’ troop contingent will begin leaving Afghanistan in August.
The top United Nations climate official is resigning. Yvo de Boer, executive director of the UN Framework Convention on Climate Change (FCCC), announced he will leave his position as of July 1, 2010, a month before his term was scheduled to end.
American banks helped Greece and possibly other governments to run massive deficits and conceal them from European Union officials and the public, according to international news reports. Meanwhile, the consequences of the deception are echoing through world currency and debt markets while shaking the very foundations of the Eurozone.
As reported by the New York Times Tuesday, Greece, the widely recognized cradle of self-government, is teetering on the precipice of self-destruction and it is crying out to one-time economic powerhouse Germany for help. For its part, the Germans are reluctant to throw a lifeline to a nation drowning in eddies of its own perpetual profligacy. Germany is flailing a bit itself in the sea of fiscal distress and is worried that Greece might use any rope it is thrown to drag Germany down with it to the depths of irreversible economic despair. The whole episode is a frightening foreboding of the future of America, unless we learn from the mistakes of others and preemptively protect ourselves from the preparatory plans being laid by our own elected representatives.