This is the beginning of the end for the EU unless it can find the capacity to start again on radically new bases.
Within a single month, we have witnessed Prime Minister George Papandreou of Greece announcing his country's possible default, an expansive European rescue loan offered to him on the condition of devastating budget cuts, soon followed by the "downgraded rating" of the Portuguese and Spanish debts, a threat on the value and the very existence of the euro, the creation (under strong US pressure) of a European security fund worth €750bn, the Central European Bank's decision (against its rules) to redeem sovereign debts, and the announcement of budget austerity measures in several member states. Read more »
