Europe is standing on the edge of a precipice. This is the judgement, not just of the Marxists, but of the most serious strategists of Capital. Barely six weeks have passed since the latest Greek rescue package, and it is already unravelling. There is now a general crisis of confidence in the ranks of the bourgeoisie internationally. The panic, which is reflected in the wild gyrations of the stock exchanges, has spread rapidly from Europe to America. It is a kind of deadly contagion that has infected all the euro zone’s big countries.
There is now open speculation about the euro’s survival and even that of the European Union itself. The whole situation hangs in the balance. And all for what? Because Greece cannot pay its bills. But this was surely no surprise. Every serious person knew full well that the crisis of the Greek economy was so deep that all the rescue packages could do was to buy a little time.