Greek Election Bears a Gift for Europe?
Everyone's asking about the meaning of the recent Greek vote. Markets swung up high and down low in confused reaction. Let me clarify this for the markets. The Greek vote tells us that misery loves company. Why fail alone when you can fail with about half a billion other folks?
But will the EU really fail?
Success requires more centralization in monetary, fiscal, and political terms, but that would demand each state to give up individual sovereignty, which they might all be loath to do. The future of the EU may have just come down to a democratic vote in Greece, but the voices urging more centralization might insist that the technocrats take charge for now, with a promise of greater democracy for the EU further down the road toward stability.
That would be a risky promise to bank upon.