The EuroMess

UPDATE IV: The 2008 winner of the Nobel Memorial Prize in Economics thinks "[i]t's looking more and more as if the euro system is doomed as one rescue plan after another falls flat and a vicious circle takes hold." Read The New York Times, The Hole in Europe's Bucket.


UPDATE III: For "a visual guide to the crisis," see The New York Times, It's All Connected: An Overview of the Euro Crisis:




UPDATE II: "In 2012, it may well be the European economy, dummkopf." Read the Washington Post, How Europe could steer the 2012 election.


UPDATE: "In the best case, a bailout of troubled banks and governments could keep the financial system from experiencing a major shock, though easing the huge debt could take years." Read The New York Times, In European Crisis, Experts See Little Hope for a Quick Fix.

"Think of the burgeoning economic crisis in Europe as the anti-Vegas: What happens there doesn’t necessarily stay there. The impact could spread just about everywhere, especially the United States."

Read the Washington Post, Everything you need to know about the European debt crisis in one post, Lachmann: 'What’s really at stake here is the European banking system', What happens in Europe doesn’t stay in Europe, Farrell: "The fundamental problem here is a profoundly political problem", and Reinhart: 'The outlook is dire, but it’s not end-of-the-world dire.'

Also read The New York Times, What Would It Take to Save Europe?