The European Union is doomed over the Fate of Greece. And naturally, the motivating factor is money. Everyone's friendly until there's money involved, aren't they? With Greece running deficits of 135% of GDP, the Germans have decided that bailing the country out is probably a bad investment. Better to let the IMF do it, and that means the United States, even if does basically destroy the Euro and make a mockery of a Common European Market.
Something like this was bound to happen, and by that I mean that the EU would eventually reveal itself to be a sham. It was never about European unity or collective security, or even about tariffs and labor; it has always been about the larger countries of Europe being able to shift the expense of their social burdens onto the smaller nations under the guise of a Common Market. Italian pensioners are being paid through the labor and taxation of Poles. Forty-year-old French retirees are receiving government-sponsored health care and maid service at the expense of Danish Farmers and Norwegian fishermen.
And now one of the member nations has finally done the unthinkable -- and forgotten it's place. Greece's place in the EU was to cover the cost of Italy, France and Germany's government debt, only the Grecian government ran up debt even faster than they did, and so the whole house of cards comes crashing down.
And now that the Germans have signalled a return to sanity and have decided to follow their own national interest, perhaps the rest of Europe can now begin doing something it has urgently needed to do for many years and start re-arming; partly because anytime Germany flexes it's muscle in Europe it means war (eventually), and partly as economic "stimulus". But mostly because with the veneer of "Collective Security" that European Union once promised (but never delivered) finally gone, the Europeans will finally realize that they will have to defend themselves and finally take care of their own problems -- like a resurgent Russia, Angry Islamic Hordes within their borders, Yugoslavia, and a possible Islamic nuke.
Because the United States can no longer defend Europe, nor act as the buffer that keeps Europeans from killing each other. Barack Obama just made sure we'll be too broke to do so because we have to pay the medical bills of those who are irresponsible and the lazy. We're about to resemble Greece ourselves, the only question is how quickly we manage to get there. Expecting the IMF (which is basically the Bank of Last Resort, and backed by American Money which is now in ever-shorter supply) to bail Greece out is probably a non-starter, as well.
You can look forward to a beginning of the unravelling of the social fabric of Europe, one thread at a time.
The ultimate lesson of European collapse, of course, will be missed entirely by American Leftists, as it their wont.