The ECB

Tracing Europe’s Long Road to Economic Catastrophe
March 09, 2012

The economic crisis in Europe reached its latest crescendo last night, as Greece managed, through furious last-minute negotiations, to convince its creditors to give it some more breathing room. But if the Greeks have managed to stave off ruin for a few more minutes, nothing has essentially changed in their situation: Their economy is still in shambles.  The burning question on most observers’ minds, and rightfully so, is whether the Greeks will ever manage to pay back their debts. But at this stage, it’s also worth considering how we ended up on the precipice of such catastrophe at all.