Word: euro
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...monetary policy is controlled by the European Central Bank, and most of the member countries have joined the “Eurozone,” the term for the monetary area in which the Euro is used. Thus, one central bank controls the supply of money for the EU, and individual countries do not have control over inflation targeting, interest rates, and other monetary issues. Yet at the same time, each country is in control of how much its central government spends and the solvency of its financial system, so Germany independently controls its expenditures and tax receipts, and Greece...
...economic system and currency at risk. Greece’s current fiscal situation, in which the government is struggling immensely to pay the bills and teetering on the edge of financial collapse, is a prime example of this, as a Greek default could create a dangerous run on the Euro, which would negatively affect all of Europe because of the united monetary policy. And Spain, Portugal, Ireland, and Italy unfortunately are not far behind when it comes to rapidly approaching fiscal crises...
What: Complete with masks, foreigners, and maybe, just maybe, some Euro trance...
...believe some European politicians, there may be a sinister force behind the economic crises currently convulsing Greece and Spain and threatening the stability of the euro. They believe the problems in the two countries did not happen by accident or even as a result of poor financial planning, but were instead planned all along in order to destabilize the euro. One can almost picture a bald man with an evil laugh stroking a white cat in a hollowed-out volcano and plotting world domination...
...downturn could worsen that downturn. Option No. 2 seems the best of the lot but has high international political hurdles to surmount. No. 3 would be a disaster for Greece and for the global financial system. As for No. 4, given that there are no procedures for leaving the euro, it might risk unraveling the entire project. In the euro's prelaunch period, a few skeptics predicted that the mismatch between a single European currency and differing national economic conditions would eventually lead to tension and an ugly breakup. The euro, heretofore one of the great political and economic successes...