European instability

The two biggest countries in the European Union, Germany and France, are facing serious economic and productivity challenges that require immediate measures and reforms. The people of Greece have every right to smile bitterly when they see their spreads outpacing the Greek one and to get angry when these countries balk at reforms that they sanctimoniously demanded from Greece back when it was in a crisis. 

However, we should all remember that the stable and secure framework for the repayment of the Greek debt will not last forever. The window of opportunity will close and there is still a lot that needs to be done. The risk of returning to old habits and dangers looms - and this in a much more politically and economically precarious European setting.