Europe is facing its most severe challenge since 1945. If the Greek crisis morphs into an Italian crisis - Italy being too large to bail out - the entire structure of post-World War II Europe could unravel. When Greece’s economy plummeted, a year or so ago, the EU gave them a decent bailout check that would hopefully bounce their economy back up, Although they only did this, probably because they did not want the Euro to fall as one of the top-valued currencies in the world. This bailout package lightly helped for a short period of time, but Greece finally went back to its downfall, and now Italy is falling down the same path. The Germans think that another bailout is out of the question. They need to learn how to reform their countries that will best benefit their culture and economy. When I went to Sweden recently, they did not feel much of an effect from this because they have their own currency, the Kroner. All three Scandinavian countries are on this currency and their economies have been just fine. In fact, If you look at Sweden’s inception into a very socialist democracy, and relatively neutral to other world affairs, they have not had one economic plummet. The rest of Europe is a true mixture of socialist economies and capitalist economies, and I believe that they are feeling the effect of having a capitalist economy, as America is so familiar with.
Tyler Swanson
http://globalpublicsquare.blogs.cnn.com/2011/10/16/europes-real-problem-lack-of-growth/?hpt=hp_c1
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