New York Times
Editorial
September 15, 2011
European leaders have at last begun edging, haltingly and reluctantly, toward the only realistic solution to the continent’s debt and banking crises: refinancing unpayable government debts and reinforcing weakened banks. If their monetary and political union is to survive, all members must start acting more like a union and less like a collection of jealous sovereign states.
Unless they quickly convince stock and bond markets that they are truly ready to stand together, Europe risks a spiral of disasters, including a Greek default and the failure of one or more major debt-weakened banks. If things get bad enough, the euro zone could fracture, and that could lead to the fracturing of the entire European Union.
The United States would not escape. A collapse in Europe would sap confidence in global markets and shrink demand for American exports when Washington is struggling to avoid a double-dip recession.
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