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European Debt Crisis

Tales from Cassandra

20120507-064601.jpgSo Sarkozy is out, another victim of the ever deepening crisis in Europe. Hollande has promised to work with Germany; Germany has promised to work with Hollande. Yet the policies of the two nations at the heart of Europe remain separated by a vast – and perhaps unbridgeable – gap.

It will take time to see whether there is enough goodwill in Paris and Berlin, and enough forbearance in financial markets, to see them successfully through the crisis.

In Greece, the center-right New Democracy has won the elections with a meager 20% of the vote, and must now form a national coalition government. This is the good news.

The bad news is that the next largest faction is a hard left party, with 17% of the vote. It is hard to see them agreeing on matters of substance. Even if they do, they will need additional partners in order to form a “stable” government.

It seems likely that the rollercoaster ride in Greece will continue, to the detriment of European stability.


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