Behind the Drama in Europe Lies a Global Crisis

The debt crisis in Greece exposes challenges for lenders and borrowers throughout Europe – testing cooperation and governance on the continent. National governments disagree on many matters ranging from stricter regulations for hedge funds to a proposal requiring approval for national budgets from the European Commission. Politicians – seeking to maintain their hold on power – are wary of assisting other nations in trouble, or sharing sovereign rights with other. Borders matter less when the global economy flourishes; as economic problems emerge, nations point to borders and set strict conditions for any aid, explains Edmund Conway, in the Telegraph. Trust within the EU is low – and the nations must decide how to establish some regulations and prioritize among democracy, national sovereignty and global free trade. – YaleGlobal