Editorials - European Economic Meltdown

http://www.washingtonpost.com/opinions/europes-day-of-reckoning-on-its-financial-crisis-is-at-hand/2011/10/10/gIQAGHnldL_story.html

http://www.menafn.com/qn_news_story.asp?storyid={9c68e06f-bf3c-4446-a161-8221fc16fc0a}

Both of these editorial articles discuss the economic meltdown that is really beginning to take place in Europe currently.  The first takes on a more dire tone as it discusses all the reasons why every European country is going to soon come to reckoning over the financial crisis, and how there is not much that can be done to stabilize the market once again.  However, the second editorial takes a more global approach, discussing how the future of America’s economy may rest in the crux of what happens to Greece in the upcoming months. I feel like both articles are convincing, but the second offers a kind of hope while the first does not. The second one also pulls the United States of America into the mix, in reference to how we will be affected if Greece defaults, while the other editorial has a stronger focus on the European Union alone. Both articles quote European officials, like the German chancellor and French president, as well as American newspaper reports from titles like The New York Times. Also, both articles agree on the fact that “something big” is about to happen concerning the economic issues that can be seen all around the world. They both emphasize that because of deflation of currency, worldwide recession, stagflation, and entire countries being unable to pay the bills, the world has definitely reached a catch 22. If a country, which is significant to the global economy, goes bankrupt, countries that they owe money to will also go bankrupt … and this reaction can continue on like a chain of dominoes.  This would result in a global economic collapse, and since that has never happened before, no one really knows what will happen.  I would like to better understand this entire concept, so I think it would be really interesting to write an unbiased paper on this topic.