Gradually slipping out of national governments? control, the eurozone crisis is beginning to pose a threat to the rest of the world as well.
Sadly, European leaders have not managed to reach an agreement on how to deal with this pressing problem.
However, the constant downgrades of Southern European economies by international rating agencies are a threat to the continent?s interbank market — and could in fact become the cause of a Europe-wide meltdown.
The situation requires determination and immediate decisions on the part of European Union leaders before it?s too late.
That does not mean Greece must sit around waiting for European initiatives. Quite the opposite in fact.
The danger for Greece is that it risks being left outside a European solution, as it were, on the question of debt because it is ?different.?
Other countries are concerned that Greece will not be able to make good on its promises, that it will not manage to secure a consensus between the two mainstream parties, and that it will never be a reliable partner.