As Greek Drama Plays Out, Where Is Europe?
Once again — as during the 2008 financial crisis and the more recent halt in European air traffic due to volcanic ash — European leaders have failed to surmount national interests and cobble together a coherent policy quickly enough to address a problem. In the process, they may have done permanent damage to the credibility of the European Union.
“There is no doubt that the European project has suffered structural damage from this,” said Jacob Kirkegaard, a research fellow in European affairs and structural reform at the Peterson Institute for International Economics here. “It’s clear that the I.M.F. is the last man standing and is structuring the program.”
Criticism is rising about the competence of European leaders, which has worsened the plight of all the countries in the euro zone.
Senior United States officials, while not wanting to interfere in a European problem, have nonetheless expressed their anxiety to European counterparts and to the monetary fund itself. President Obama called Chancellor Angela Merkel of Germany on Wednesday to lend his support and encouragement for her willingness to take a bolder position to try to calm the markets.
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