Military budgets are only one gauge of military power. A given financial commitment may be adequate or inadequate depending on the number and capability of a nation's adversaries, how well a country …

Overview The CFR Forum is series of discussions about pressing international issues hosted by CFR fellows. Every few weeks, a different fellow hand picks a group of experts to tackle a new subject…

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn writes that Greece and its creditors are again locked in a showdown over reforms, cash, and debt relief. Another cliff-hanger ahead of heavy July debt payments looks likely. Extend-and-pretend is a dead end for Greece and an increasingly populist Europe, and a more ambitious agreement seems ruled out by bailout fatigue in creditor countries. Markets are once again underestimating the risks of “Grexit.”

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that with sovereign debt woes in Greece and Ukraine testing markets and governments, now might be the time for policymakers to rethink the architecture for resolving debt crises.