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An Imperfect Union: Europe's debt crisis

April 8, 2012 4:51 PM

Ten European countries are in recession and three have needed bailouts to avoid default. How could this impact the U.S. economy? Steve Kroft reports.

An Imperfect Union: Europe's debt crisis
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by 51badger May 1, 2012 5:30 AM EDT
I hope the Greeks took pictures so that they have souvenirs of their 10-year long party...
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by gump242 April 20, 2012 5:01 PM EDT
This particular scenrio is not possible in the US unless we decide to abdicate our soverign right to print money as Greece and ALL other members of the Eurozone save Germany and France.

The fact is, the austerity being fousted on the Greek (and Itallian, and Portugese, and Spanish, and Irish) peoples is hocus pocus, with all the "magic" of monetary policy... with the primary outlet for relief eing denied. If these nations were free, sovereign states they could choose, to "circle the wagons" and make it impossble to do business with external countries by devaluing currency or issuing more banknotes (printing money).

This scecerio is a drastic one, but it one where the bankers loose. Globalization looses. But the people don't starve to death, and the path back is well known (ask Argetina), and less painful to the people most suseptible to living in poverty, or living paycheck to paycheck.

With austerity measures as sever as being implimented now, there will be people who literally starve to death, so that global merchants and bankers can maintain a certain (promised, but impossible) rate of return, or any return at all on investments.

The choices here are not numbers on a paper, or a credit rating... it's how many people have to die before we realize that the € was a mistake. The Germans (and French, and British, and Portugese, etc) have always yearned for European dominance. The Eurozone was a bloodless landgrab, and the poor sods on the "inside" are caught in a system which is destined to collapse. You can't have a pogrum, and give the democraticic power to those being "clensed" and expect different.

It's not medicine, it's poison, and the Greek (and Spanish, and Itallian, etc.) body's will reject the poison eventually.
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by gbaar April 15, 2012 3:11 PM EDT
The message of this report is quite clear; long term, the pain of frugality beats the short term fun of drunken sailor spending. In the end, US citizens will be happier and have better lives if we don't allow the USA to live beyond its means. The current trend is exactly the opposite.
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by gbaar April 15, 2012 3:04 PM EDT
In 10 years, would you rather have the USA be in Germany's position or in Greece's? Will the USA be enslaved to Chinese creditors? The debt and out of control deficit is by far the biggest issue in election 2012. All other debates on issues become mute if we become more like Greece. All social programs and safety nets would necessarily be cut back substantially if we continue the current trends.
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by INSAS April 13, 2012 3:51 PM EDT
Did she said US is doing "Terribly Well".nice english.
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by jctergal April 11, 2012 2:25 PM EDT
There video contains an iccuracy. Italy in the 40s was not the last 1st World country to default before Greece. Germany had done so in 1953.
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by mloggos1981 April 10, 2012 10:06 AM EDT
the economist Yanis Varoufakis explains in his blog why his view is not presented the way he expected please read,deny this kind of U.S and E,U Journalism http://yanisvaroufakis.eu/2012/04/09/cbss-60-minutes-program-on-an-imperfect-union-europes-debt-crisis-an-eyewitness-assessment/#more-2024
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by shoehorn747 April 10, 2012 12:02 AM EDT
I think pretty soon 10 nations will unite togeather soon. To me this all comes down to what the bible says. (Try on google)Type this in >>>>>> What the bible says about 10 nations .
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by Unesgo April 9, 2012 11:48 PM EDT
I do not get!!! Something in this piece does not jive!!!

The piece said that Euro zone countries enjoyed many years of prosperity because of their European union. Then the question arises; if they were prosperous then how did they accumulate so much sovereign debt!!!???

If people who borrowed from the banks and can not pay their debts, then that is the problem between people and the banks, why this is sovereign debt!? I understand that the Irish govenment under some mysterious deal assumed Irish Banks' debts!
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by Mark_Kevin77 April 9, 2012 11:10 PM EDT
If you think Europe's debt numbers are bad, just wait until you see ours:

http://www.usdebtclock.org
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