Self-Inflicted Crises Plague EU and US
Alan Beattie, Financial Times | July 28, 2010
Dysfunctional politics have turned financial challenges into crises on both sides of the Atlantic. ++ In Europe, officials have “dithered and argued at national, intergovernmental and pan-eurozone levels” as Greece’s credit spreads widened. Washington, meanwhile, is “convulsed by the…spectacle of a voluntary sovereign debt crisis” resulting from the failure of US politicians to compromise. ++ Such self-inflicted crises will recur if the EU and US don’t fix deep structural flaws that have sapped their governments’ ability to act.
