The EU is at a crossroads.
The Greek crisis is just the first test of an infant union, but it has brought all the weaknesses of the EU into stark view.
The Germans and French are suddenly realizing the implications of their grande idea, and are having second thoughts. Their fortunes, for better or worse, are inextricably tied to all the other member states. I've got to believe that, instead of dithering, they'll wake up and realize they have no choice.
They must therefore forcefully fill the breach, and continue to do so, or risk their labors unravelling.
Although the probability is small, it is higher than in a normal state, investors need to be careful about the possibility of global dislocation caused by political upheaval.
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