The eurozone has become a murder-suicide pact

Since they cannot provide prosperity, Europe has decided to destroy democracy

Greece
(Image credit: AP Photo/Petros Giannakouris)

It's coming down to the wire in Greece. A few days ago, the Greek government instituted capital controls to prevent its banks from collapsing. At loggerheads with its European taskmasters, they have scheduled a referendum on their policy trajectory: "Yes" means austerity and sticking with the euro; "no" means default and likely leaving the monetary union. Most recently, the government missed an IMF payment, making it the first "developed" nation to do so.

The politics of the eurozone have rotted into almost the exact opposite of its original purpose. A policy intended to bind Europe together, so that the awesome horror of the Great Depression and World War II could never be repeated, has instead laid waste to entire nations, and fueled galloping mistrust and hatred. Greece is first on the chopping block — but absent wholesale changes in European politics and policy, it won't be the last.

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Ryan Cooper

Ryan Cooper is a national correspondent at TheWeek.com. His work has appeared in the Washington Monthly, The New Republic, and the Washington Post.