With or without euro, Europe must raise its game

By Alan Wheatley – If Europe wants first-class infrastructure and a comprehensive welfare state without piling up ever more debt, governments need to shake up working habits to generate the growth that spins off tax revenues.

“Even if Europe were firing on all cylinders, it would be one of the slowest growing regions in the world,” said Douglas Roberts, chief international economist at Standard Life Investments in Edinburgh.

The rise of China and India, of Brazil and Turkey, deals a double blow to Europe.

They can manufacture more cheaply, signing the death warrant of many labor-intensive industries in Europe and keeping a lid on wages. more> http://tinyurl.com/c7rrovm

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• Germany to the Euro: Drop Dead (theatlantic.com)
• European Unity on the Rocks, Pew Research Center
• Insight: European firms plan for Greek unrest and euro exit, David Jones, Reuters
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• Euro Crisis: Is the Currency (Finally) Doomed? Michael Schuman, TIME

What’s the Greek debt crisis all about?

By Louise Armitstead – Despite being poor, the Greek government has for decades sought to be generous to its people. Historians point to the war-torn decades, including a civil conflict after the Second World War that wiped out 10pc of the population followed by bloody clashes between Cyprus and Turkey in 1974: the Greek state has tried to soothe its people by creating a big welfare state and generous pay and pensions – including low retirement age and the famous 13th and 14th monthly salaries.

When it came to joining the euro in 2001, it should have been obvious that Greece did not meet the debt conditions. But, by spinning the numbers, Greece gained entry, not just to the single market but to debt markets that allowed it to borrow as though it was as dependable as Germany. more> http://is.gd/vvLIvE

Related articles

• Greek debt accord hostage to political passions (telegraph.co.uk)
• Greece is Sacrificed on the Altar of the EU High Priests (adamcollyer.wordpress.com)
• Euro Currency Crisis: Trapped Inside an Economic Prison, Nigel Farage, [VIDEO 14:34] Global Research TV (GRTV),/li>
• The Euro Crisis and the Decline of Europe, Joseph Puder, FrontPage Magazine
• The Eurozone in Crisis, Christopher Alessi, Council on Foreign Relations

Views from the Solar System (18)

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SPACE WATCH

Earth Observations
NASA – This unusual image was photographed through the Cupola on the International Space Station by one of the Expedition 30 crew members.

The lake just above the bracket-mounted camera at center is Egirdir Golu in Turkey, located at 38.05 degrees north latitude and 30.89 degrees east longitude. A Russian Soyuz spacecraft is docked to the station at lower right and part of the Permanent Multipurpose Module (PMM) can be seen just above it.

The photo was taken on Dec. 29, 2011.

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