European Institute

The prospect of a global financial panic caused by the fissures in the eurozone has finally concentrated the minds of EU leaders about the dimension of their problems and the need for action to replace stalling. As reported yesterday in a European Institute blog post, the first signs of this more determined, realistic approach emerged with the European Central Bank's decision to unconditionally buy Greek government bonds and the vote in Germany’s parliament to proceed with a bail-out for Greece.

Just how costly and risky the EU’s delays have been was dramatically demonstrated on Wall Street with a record-breaking day of market gyrations as world markets and the euro continued to slide.

Assuming the International Monetary Fund (IMF) actually lends Greece 30 billion euro (roughly $35 billion) as its share of the Greek bailout, “Business Insider” reporter Greg White has calculated the cost per family per country for the IMF credit:

The European Central Bank (ECB) has put itself at the center of the Greek rescue attempt by promising to “buy” Greek government bonds and thus help fund Athens reshape its economy at a discount.

Like EU, Washington Opts for Action, not Treaties

After years of national and local debate, Washington has approved the country’s first off-shore wind farm – an important step for the U.S. in catching up with developments in Europe.

Approved by U.S. Interior Secretary Ken Salazar, the Cape Wind project -- 130 wind towers each 440 feet tall -- will occupy a 25-square-mile section of Nantucket Sound in Massachusetts. It promises to provide 75 percent of the electricity required by the nearest part of the coast — the equivalent of the output of a medium-size coal-fired plant.