Why the eurozone is still headed for total disaster

Remember the severe political problems that austerity birthed? They haven't gone away.

The European Union is still in need of a miracle.
(Image credit: Gary Waters/Ikon Images/Corbis)

For a few months in 2015, U.S. writers paid rapt attention to eurozone politics.

It seemed like tiny Greece was going to force European elites to finally fix some of the crippling defects with the currency area. Left-wing Syriza, led by Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis, leveled a challenge to the German-dominated eurozone grandees. With the economic situation in Greece worse than the Great Depression — very obviously the result of elite-imposed austerity — and much of the rest of the currency area doing only somewhat better, they demanded an end to austerity and a return to growth and shared prosperity.

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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.