Magazine June 20, 2011, Issue

Greater Europe, Lesser Europe

(stevanovicigor/Getty Images)
The case for a two-tiered euro

By the time you read this, Greece may have defaulted on its debt. Or it may be preparing to default, but without the D-word. Most likely it will be negotiating another rescue package, but it may still be fighting to secure the latest payment under its existing bailout. Only one thing looks certain as I write. The eurozone crisis will not be over.

It’s been a long, hard journey since the first Greek bailout just over a year ago, a €110 billion loan package from the European Union (€80 billion) and International Monetary Fund (€30 billion) secured by pledges of drastic

In This Issue



Special Energy Section

Books, Arts & Manners



Do the Jefferson

Too many tourists, too much traffic noise, swampy D.C. weather, the occasional grunt and scream as the cops tackle people for illegal Monument Dancing.


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