LAST week, European leaders met in Berlin amid new signs of
an impending recession and an emerging consensus that Greece could leave the
euro zone within a year — a move that would have dire consequences for the
currency’s future
.
There are many reasons behind the crisis, from corruption
and collective irresponsibility in Greece to European institutional rigidities
and the flawed concept of a monetary union without a fiscal union. But this is
not just a story about profligate spending and rigid monetary policy. The
European debt crisis is not just an economic crisis: it is an escalating
identity conflict — an ethnic conflict. (Read further: Source)
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