Yesterday three innocent people died when protesters threw a Molotov cocktail into a bank in Athens. This anarchy in the streets was a rejection of measures taken by the Greek government to cut expenditure to secure a $ 155 billion emergency loan from the EU and the IMF.
Unless the Greek people agree to pay cuts and lower pensions this loan will not happen - and Greek finances will go to default - and the Greek economy will collapse. In turn interest rates will soar to other members of the so called " PIIGS " group of nations with tottering economies - Portugal, Ireland, Italy and Spain.
We could be seeing an end to the marvellous experiment that was the European Union.
The dream was for the European continent to be a land without borders and with a common currency - but the Euro needs stability and if five of it's weaker members have a fiscal collapse - then that currency is doomed !
There was another dream in the establishment of the EU.
Last century Germany caused two disastrous world wars, resulting in it being divided. It was hoped that including Germany in a confederation of states and with shared goals would result in peace.
Germany is by far the strongest economic power in Europe. There is now a danger that Germany may abandon the Euro - and walk away from the EU and pursue it's own interests.
Dream could become nightmare if an independent Germany again reverted to nationalist ambitions !
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