Opinion: (Nicolas Barré, Deputy Managing Editor, Les Echos): “Earlier this year, seventeen countries of the euro area were closer than ever before to the abyss. None of the two most urgent problems has been solved. European leaders have long since lost their AAA rating in the financial markets. They are tormented, put conditions, stretch time, in short, show all their inability to bailout Greece, the country that accounts for only about 3% of the total income of the continent.

“One gets the impression that they are powerless, and yet from the beginning of the year we have seen four warning signs that a disaster is imminent.

“And the first of them is the inevitability of a Greek default. The second is the growth of distrust towards all the euro zone countries, except Germany. The third is the freezing of transactions between banks since they no longer trust each other. The fourth is a short-term decline: Credits are declining for both states and businesses.

“A real leap forward is required in order to avoid contamination of the entire European financial system, which may push the entire continent into the abyss. There is little time left.”

My Comment: Perhaps, from the lowest point of a fall, we will begin to realize the need to revise the entire system of social and economic relations and establish them on trust and equality. After all, it is the opposite processes that have led us to ruin.
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