EU Debt Crisis: Assessing the Damage

Back in January, everyone expected 2010 to be a watershed year for the European Union. It certainly has been that, but not for the reasons people expected at the time. The advent of the long-awaited post-Lisbon union, with its new offices of president of the European Council and foreign policy chief, turned out to be an anti-climactic non-event. Instead, the lingering legacy of the pre-Lisbon union — cooked books and hidden debt, along with fundamental political and cultural differences on fiscal and monetary policy — has brought the EU to its knees, just when it was expected to soar. This […]

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