How the Debt Crisis Could Remake Europe

Maybe now we will all understand why the ancient adage “May you live in interesting times” was intended not as a blessing but as a curse. Last week was more than interesting in Europe: It was of historical importance—and bone-rattling in consequence. A crisis that seemed messy but contained in Greece suddenly spread to Italy—which has an economy six times the size of Greece’s. And it is perfectly plausible that Spain will be next to enter the sick bay.