You may or may not be aware, but Greece is on the edge of a complete economic collapse. The problem is that the more prosperous European Union countries don’t want to ride to the rescue of their unfortunate neighbors:
But the Europeans are not being careful – and it’s not just about Greece any more. Worries about government debt and associated public sector liabilities (e.g., because banking systems are in deep trouble) have spread through the eurozone to Spain and Portugal. Ireland and Italy are next up for hostile reconsideration by the markets, and the UK may not be far behind.
Dispatches From The Front 