Is Europe dead?

First Published June 10th, 2014 By Simon Tisdall (CNN)

If Greece is expelled or otherwise forced to drop out of the eurozone — the group of 19 countries which have adopted the euro as their common currency — the consequences could be catastrophic and far-reaching. For Greeks, it could trigger bank collapses, emergency controls on capital flight, non-payment of salaries, and broad social and economic chaos. For the EU, it could spell the end for the euro if market confidence fails and other severely indebted states decide they, too, can’t or won’t pay up.

The crisis, ostensibly about money, has become increasingly political. Many in Germany, Greece’s most powerful creditor, believe successive governments in Athens have behaved irresponsibly and should be made to pay the price, morally and fiscally. Andreas Scheuer MP, a close ally of Chancellor Angela Merkel, said: “The Greek government … are behaving like clowns.” See More

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