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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The international community must have a realistic and transparent discussion of how to distribute the costs of supporting Ukraine, which are likely to be much greater than the IMF's current estimate.
Russia and the West have fundamentally different views on Russia's legimitate interest in Ukraine. The resulting escalating sanctions are now threatening economic growth for all of Europe.