New York Times
November 27, 2011
The endgame for Europe is fast approaching.
Eighteen months into the sovereign debt crisis, and the futile efforts to fix it, Europe is running out of time. While Europe’s leadership may well keep on its current path of offering piecemeal solutions, nervous investors are fleeing European countries and banks.
What’s left for Europe are two likely options: either it splits apart or it binds closer together.
And each of these scenarios, from Greece exiting the euro zone to, conversely, a deeper political union in which a federal Europe takes control of national budgets, brings with it serious political, legal and financial consequences.
But with financial panic now threatening to move from Italy and Spain to Belgium, France and even Germany, the euro zone’s paymaster, the pressure upon Europe to arrive at a solution has reached its most intense point yet.