Europe In Denial

Ezra Klein thinks the Eurozone is stalling:

The longer Europe spends under this cloud, the harder it is for them to grow. The harder it is for them to grow, the worse these debts become. And the worse these debts become, the harder they are to pay off. The cost of denying the problem is to make the problem worse. But for Europe's leaders, that is, at least for now, an easier price to pay. Actually fixing the problem might ultimately be cheaper, but it requires a wealth of political capital and continental unity that they simply don't have.