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Financial Times: Europe Says Goodbye to Solidarity

Author: Philip Stephens
February 23, 2012

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Philip Stephens discusses two measures necessary to avoid catastrophic economic collapse in Greece and its implications for European solidarity in this Financial Times piece.

Some words are the property of continental Europeans. You do not hear many Brits or Americans talking about "solidarity". The expression belongs to the soggy (to Anglo-Saxon minds) consensualism of social market capitalism and to prophets of European unity. What's happened lately is that solidarity has dissolved. This explains why the euro, and the European Union, are in so much trouble.

Another week, another sticking plaster. The deal to prop up Greece has bought some more time. The important thing – or so we are led to believe – is that the wound has been cauterised. Again. Yet, it should be blindingly obvious to all that, in the great scheme of things, the latest bail-out is a sideshow.

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