A long time before she relocated to Brussels, Europa was a Phoenician princess. Zeus was particularly fond of her and abducted the princess in the guise of a bull. She bore him a son, Minos, who also had his fair share of trouble with bulls. It was he who constructed the legendary labyrinth to keep the Minotaur at bay. Moreover, it was Minos too, who demanded that Athens periodically sacrifice its best boys and girls to that insatiable creature; half-man, half-bull. Until Theseus finally killed it. Today, again, Europe has become enthralled by ‘the bull’ and it seems the consequences are equally unfavorable.

Government debt is a burgeoning issue, but the solutions are thus far a damp squib. Despite claims otherwise, the debt crisis is not one that has been solved – not even partially. Recently, European leaders saluted an agreement on settling  part of Greece’s outstanding debt– largely by canceling it. Yet, European governments have merely found a way to roll debt over, with debt levels scheduled to increase further, at least until 2016. Interest rates on government bonds should increase correspondingly – hence the rating agencies’ downgrades. Unless we encounter solid growth throughout Europe, we are heading toward further turmoil. Far from attempting to be pessimistic, I solely seek to reflect on the reality of the situation and what it may entail for the future. What leaders haven’t …