a curious Yankee in Europe's court

blog about living in Europe, and Italy

It seems Greece owes a little money

Posted on the January 27th, 2010

Greece is bankrupt, Nouriel Roubini said today, speaking during an interview at the World Economic Forum in Davos (“Roubini At Davos: Greece Is Obviously Bankrupt” Jan 27, 2010). He advised the country to ask China to rescue it, and added that the European Union may also be forced to help in order to hold off a threat to the Euro monetary system itself.

None of this is news to the leaders of the European Union who have been stewing over what to do about an economically wobbling Greece for some time, according to an analysis in Der Spiegel last month, “Should the EU Save Athens from Bankruptcy?” (by Wolfgang Reuter, Dec 14, 2009).

Reuter explores how the situation presents the EU and its leaders with an urgent new governance question.  He reports in detail on some of the high-level discussions. Central theme:

“…Everyone was asking the same question: What happens when a country, even a member of the European monetary Union, goes bankrupt? Can the EU allow this?…”

Another very interesting money pot to watch boil, as if there aren’t enough already.

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