Wall Street Journal
November 19, 2010
Those who remember their chemistry lessons from school know that the more you heat up a molecule, the more it oscillates. Eventually the molecule will be so highly energized that the bonds between the atoms start to break up and the molecule fractures.
This is what seems to be happening with Europe. Investors are putting one after another of Europe’s “peripheral” countries under pressure as they become worried about how secure their money is.
First the heat was put on Greece. As the stress became intolerable for investors, they abandoned Greece’s sovereign and banking assets. Brussels, together with the European Central Bank and the International Monetary Fund, stepped in to save the union, otherwise Greece would have been forced to withdraw from the euro and possibly from the European Union as well.
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