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Ramesh Ponnuru

Why the Euro Is Failing

Everyone in Europe's currency union has resisted making hard choices.
No riders.

No riders.

Photographer: Christopher Furlong/Getty Images

Greece's government seems determined to incur the world's blame for the emergent economic turmoil in Europe. Mark Gilbert summed it up accurately for Bloomberg View: "The nation's stubborn contradictory stance -- yes to the euro, no to the conditions of continued membership -- isn't consistent with the euro's future well-being."

But it isn't just the Greeks who have incompatible goals in this affair. Leaders of the other countries in the euro area have contradictory desires as well, and their failure to choose among them has contributed to the mess.