We all know the saying “you made your bed, now you must lie in it”. That’s what faces the European Union as it seeks a solution to the potential financial meltdown being generated by Greece’s fiscal crisis, which threatens to envelope its EU’s neighbours.
The EU’s inability to police its profligate member states in a situation where budget deficits have made a joke of the 3% of GDP ceiling, while incentivizing the banking system to invest in government debt that is anything but risk free, has placed the EU and its central bank in an awkward position.
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