Word: euros
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...Greek government bonds is a clear indication that many investors don't believe Athens will find a way to deal with its massive debt - at least not without an equally huge European bailout. But beyond the market speculation lies a longer-term question that is tormenting the 16 euro-zone nations: Could the Greek crisis be the beginning of the end for the common currency, just eight years after its first notes and coins were issued? Might the doubts and pressures that are driving the euro's value downward lead to the eventual implosion of Europe's most concrete achievement...
...responses, of course, depend on who you ask. However, it's clear that if levelheaded economic experts are even pondering the viability of Europe's monetary union, the situation is grave indeed. "This is a very deep crisis for the euro and all of Europe because what we have is a terrible debt and deficit problem that virtually all European nations share and no collective structures to deal with any of it," says Philippe Moreau Defarge, a European affairs expert at the French Institute on International Relations. "Europe is being forced to recognize it isn't as rich...
Gordon admitted that attempts to incorporate southeastern Europe into Euro-Atlantic organizations had been “difficult in the past.” But he emphasized that the Obama administration would try to finish “the historic project of trying to bring democracy to the whole of Europe...
...alone. According to polls conducted in Germany last week, 53% of people want Greece tossed out of the euro zone if it can't resolve its deficit dilemma without outside funding - a financial helping hand that a full 71% of Germans don't want their government to extend. Though no similar surveys have been conducted in France, leaders there say the public sentiment is much the same. "There are cultural differences for why the French wait for something to happen before reacting when the Germans respond as they see it developing, but opposition to a bailout - if that happens...
...hard sell indeed, but one that European governments may have to make if the financial markets keep attacking Greece - and by extension, the euro. Helping an undeserving partner may be unpopular, but it's probably less so than the euro's possible demise...