With the election, sequestration showdown and other pressing domestic news, we’ve hardly had time to think about Europe. Yet the continent is as troubled as ever and is crying out for attention again.
Keep in mind that, in this era of a global economy, our fates are intertwined. Europe and America are heavy trading partners and our multinational businesses are located throughout each other’s continent. Our banks own European bonds. So when Europe is in trouble, so is the U.S.
Well, Europe is in trouble. We’d say “in trouble again,” but it’s never really gotten out of trouble; at least not since Greece triggered the sovereign debt crisis. The popular British game show, “The Weakest Link,” could serve as a metaphor for the whole continent, except that what’s happening in Europe is not nearly as entertaining.