Paul Krugman: Showdown in Europe Raises the Ugly Specter of Fascism

‘Europe is playing a dangerous game of chicken, Paul Krugman writes in his column Friday. When the European Central Bank announced that it would no longer accept Greek government debt as collateral for loans on Wednesday, the move signaled that “the moment of truth is clearly approaching.” Here’s how Krugman sums up the current situation:

Germany to Greece: Nice banking system you got there. Be a shame if something were to happen to it.

Greece to Germany: Oh, yeah? Well, we’d hate to see your nice, shiny European Union get all banged up.’

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