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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How should the crisis in Cyprus have been handled differently, and what are its wider international repercussions going forward? This and other relevant questions will be addressed by our expert panel.
If ever one needed evidence that excessive money printing by the Federal Reserve and by the Bank of Japan was seriously distorting global market prices, all one need do is to look at the EUR 2 trillion Italian sovereign-debt market.
Recent developments in Cyprus, Greece, and Portugal have demonstrated that Europe is unequivocally committed to the preservation of the single currency area. The high price tag of maintaining the euro should lead us to ask us why.