Europe: 'A Continent, Sinking'

from foreign policy......

"Europe is in its most severe crisis in 50 years,'' Joschka Fischer, the former German foreign minister, told me. "What appears to be a sovereign debt crisis is really a political crisis. We don't have the institutions or the political will or the leaders willing to do what is necessary. We're talking about the success or failure of the whole project of Europe since World War II, and everywhere there is a lack of political leadership.''

Even Le Monde admits that this latest crisis over Greece, which is driving up interest rates for Italy and Spain, the third- and fourth-largest economies in the eurozone, "testifies not to the cupidity of the markets, but reflects the irresponsibility of governments.'' As Italian Finance Minister Giulio Tremonti not very delicately warned the Germans, "Just as on the Titanic, not even first-class passengers can save themselves.''

Europe, whole and free, is sailing through freezing waters, trying to dodge the icebergs everyone can see. But there are too many hands on the wheel, too many arguments about which way to turn, and no obvious pilot".............READ MORE