Europe’s New Economic Divide

Europe’s New Economic Divide. YaleGlobal. Chris Miller. August 27, 2015.

Europe still wrestles over how to resolve the debt crisis in Greece. The managing director of the International Monetary Fund warned that Greece’s debt remains unsustainable, and she urged the country’s European partners to prepare to provide significant relief. “Few voters anywhere in Europe are excited about bailing out Greece’s government,” writes Miller. He points to an east-west divide in addition to the north-south one. Countries in Western Europe that provide generous social programs with high ratios of debt to GDP, are generally less critical of Greece, fearing that they, too, might need bailouts someday. The former socialist countries in Eastern Europe like Poland, Estonia, Latvia and Slovakia are less wealthy than Greece and less sympathetic. Europe’s politics are becoming divided in more ways than one. [Note: contains copyrighted material].

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