It has been over a year since I have written about the fragile condition of the European Union’s financial system. The financial crisis of a possible Greek default has been papered over since then, but now it is coming to a head again.
Greece again is teetering on the brink of default. This month, Greek debt was so unpopular that interest rates on one-year notes spiked to 98 percent. No country grows so vigorously that its government can afford to double its creditors’ money in one year, and certainly not a bankrupt government like Greece’s. Read More»