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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Portugal’s indecisive October 4 election is likely to usher in a new government hostile to budget austerity and structural reforms. This could jeopardize confidence in the Portuguese economy and trigger a return of the European debt crisis.

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A member of a labor union shouts slogans while holding a Puerto Rico flag during a protest in San Juan September 11, 2015. Reuters

One has to applaud the US Treasury for having learned some lessons from Greece’s economic crisis.

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The United Kingdom’s departure would not threaten the survival of the European Union.

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Demonstrators march during a protest in Lisbon March 6, 2014. Members of the Portuguese police were protesting against the government's austerity measures. Reuters

Portugal’s political dysfunctionality and extraordinarily high debt levels suggest that it is only a matter of time before markets turn their attention to Portugal’s shaky political and economic fundamentals.

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Poland's main opposition party Law and Justice's (PiS) leader Jaroslaw Kaczynski addresses during a party election convention in Warsaw, Poland October 22, 2015. REUTERS/Slawomir Kaminski.

From climate change to the refugee crisis, the upcoming parliamentary elections in Poland could initiate change across a range of issues in the European political landscape, especially if the Law and Justice party prevails.

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Voters should be skeptical of candidates who promise populist reforms without discussing the side-effects.

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Former Greek prime minister and leader of leftist Syriza party Alexis Tsipras reacts as he arrives to deliver a speech during the final campaign rally prior to Sunday's general elections on main Syntagma square in Athens, Greece, September 18, 2015. Reuters

Sadly, all indications ahead of this weekend’s Greek election suggest that Greece will return a very weak government to parliament. This casts serious doubt on whether the next Greek government can fulfill the rigorous demands of Greece’s creditors.

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European Commission President Jean-Claude Juncker addresses the European Parliament in Strasbourg, France, September 9, 2015. REUTERS/Vincent Kessler.

European Commission President Jean-Claude Juncker’s State of the Union speech deserves praise for its approach to Europe’s refugee crisis but criticism when it comes to economic policy.

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Greek Prime Minister Alexis Tsipras is received by Greece's President Prokopis Pavlopoulios (unseen) in Athens, Greece, August 20, 2015. Tsipras resigned on Thursday, hoping to strengthen his hold on power in snap elections after seven months in office in which he fought Greece's creditors for a better bailout deal but had to cave in. Reuters

Alexis Tsipras is taking a large gamble in calling for yet another Greek election. If Tsipras does not return to office with a majority government, Greece’s political stability and international reputation will suffer.

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