Compared to the antics of Washington, Europe seemed like a preserve of peace and collegiality. But, as 2014 demonstrates, times have changed. EU politics have heated up as the Union meets challenges at every edge.
Any politician opting this evening for the continuation of the Greek Austerity program should be aware of these facts and try finding a more viable and less amateurish solution for the future not only of Greece but of the entire Eurozone.
A breakdown of the European bailout program might make a Greek exit from the euro ("Grexit") the only feasible option. And the popular revolt against outsiders dictating economic policy creates a huge new roadblock to attempts to expand Brussels' power over EU members.
A Greek exit from the Eurozone could be catastrophic. The country would be shunned from international markets, with a new/old currency that would devalue severely. Nevertheless, the bigger risk for investors is that the turmoil spreads to larger neighboring countries.
The euro has happened. But is it a bad idea? Will it last? Despite the reality of the full-blown depressions in Southern Europe and pauperization of the middle and working classes there, European economists have not changed their tune.