Europe’s Last Taboos
Once again, the unthinkable has become necessary in Europe. But, while the pretense that Greece was solvent has been jettisoned, have the last taboos been broken, or will others – say, the reintroduction of a national currency or, conversely, the introduction of Eurobonds – fall as well?
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BRUSSELS – You can always trust the Americans, Winston Churchill said, because in the end they will do the right thing, after they have exhausted all other possibilities. For the last 18 months, this has been Europe’s method for confronting its sovereign debt crisis as well: it has taken the necessary decisions, but always as a last resort.