Europe cannot afford to rescue Greece

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FT.com / Comment / Opinion - Europe cannot afford to rescue Greece.

A former member of the board of the European Central Bank argues that the EU can bail out a bank but not a country.

This is the ultimate negation of responsibility: capital matters but people do not.

The chance that Europe can survive without serious conflict, the breakdown of democracy and the rise of extremism if this sentiment prevails is low.

Be very worried: the promoters of global corporatism are getting their way: capital roams freely wherever it will, those who suffer the local consequence must suffer at the will of those who direct that flow. The ideology is as ugly as a suspect the motivations are. The preservation of monetary discipline appears to me to be a pretext for imposition of another, and much more unpalatable discipline.

Is Greece the portender of much broader chaos to come?