The news from Spain is dire: its local governments are bankrupt and we can expect a domino effect. The cause? Overspending: Spain’s debt hangover follows an era of cheap credit that the birth of a common currency helped create. When the eurozone…
The European leaders are a step closer to admitting that Greece needs to default on its debt. A special fund will buy back Greece’s debt, although this will not solve the economic problems of Europe. The euro might cease to exist as…