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Eurozone Crisis

Greece is on the brink of meltdown due to spiraling debt, and the deficit crisis is continentally contagious. Last year, the International Monetary Fund bailed out Greece to the tune of 110 billion euros, contingent on the implementation of strict austerity measures. On the heels of this dramatic action came bailout packages for Ireland and Portugal. And the Greek tragedy is far from over as the debate over whether to accept debt-forgiveness conditions upended the government in Athens. Furthermore, other debt-laden European nations risk going under.

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Suppose the Greek government had kept defaulting on its debt instead of yet another time getting new loans with which to pay off some of the old loans.

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People wait to enter a Piraeus Bank branch at the city of Iraklio in the island of Crete, Greece July 20, 2015.  Reuters

Greece has violated loan terms several times in the past. Offering debt relief will remove the only leverage the Eurozone countries have.

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Five questions about Europe that each presidential candidate should be able to answer.

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International Monetary Fund Managing Director Christine Lagarde chat with European Stability Mechanism Managing Director Klaus Regling (R) during a euro zone EU leaders summit on the situation in Greece, in Brussels, Belgium, July 11, 2015. Reuters

Over the past five years, the International Monetary Fund has consistently indulged in wishful thinking and led Greece along a policy path that has brought it close to economic and political ruin.

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Anti-austerity protesters lift a Greek flag in front of the Greek Parliament in Athens, Greece July 15, 2015. The slogan on the flag reads "Greece I love you." Reuters

America doesn’t have to end up like Greece but it’s going to take a principled, conservative approach to fend off our own incoming entitlement disaster.

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A discussion on how the new austerity deal for Greece will fail both economically and politically.

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A protester shouts slogans during a rally organised by the country's biggest public sector union ADEDY marking a 24-hour strike in Athens, Greece July 15, 2015.  Reuters

The net result of this deal will be to deepen Greece’s economic and political woes in the very near term. That is bound to pave the way for a major political backlash and a disorderly Greek exit from the euro before year-end.

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Griekenlands positie in de Eurozone en zelfs in de EU blijft wankel.

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Greek Prime Minister Alexis Tsipras smiles before a ruling Syriza party parliamentary group session in Athens, Greece July 15, 2015.  Reuters

Europe’s political left has been a reliable defender of European integration against its right-wing critics. The Greek economic meltdown might soon change that.

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Germany's Minister of Finance Wolfgang Schauble listens to the media at a news conference at the end of an informal meeting of Ministers for Economic and Financial Affairs (ECOFIN) in Riga, Latvia, April 25, 2015. Reuters

Hopefully Mr. Schauble’s comments today are but the start of a process to garner broad support for an orderly and early Greek exit that would receive full international backing.

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