While Japanese workers are furiously trying to stave off a nuclear meltdown, the political fallout has already reached European shores — in a very big way.
With the European periphery reeling on the brink of collapse, an unlikely friend has turned up offering financial assistance to those in need. What does the sudden arrival of this mystery buyer of European debt tell us about the relative decline of Europe and the rise of Asia? Should we be worried about the loss of European hegemony, and if so, is there anything we can do to stop it?
Europe is in crisis. The Age of Austerity has begun and the old political rules are being re-written. Where are we headed in the coming months and what can we do to overcome the two greatest challenges of our time? Over the next two months, Breakthrough Europe will be addressing these pertinent questions in a series of analyses that aims to break new ground in the debate on Europe’s future.
The true roots of the Irish crisis are global and systemic in nature. If we want to avert another IMF-inspired disaster, we will have to stop blaming the Irish and take global capitalism to task for its inherent flaws and volatility.
The EU and IMF are showering the Papandreou government with praise — but for most Greeks the real tragedy is only just beginning.