Will the Next Recession Destroy Europe?

If the EU can't handle Greece, how will it weather another recession?

Europe's lonely road.

Photographer: Peter Macdiarmid/Getty Images

The initial hardline posturing on both sides of the Greek debt stand-off is already moderating. This latest European crisis can be resolved and, as I recently explained, most likely will be. Yet don't be overly optimistic about the euro area's longer-term chances of survival. The hash that the European Union has made of this latest Greek emergency, a small and relatively tractable issue, tells you those chances aren't good.

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