Post published by Michael Schuman on the Time, September 12, 2011

I was just in Paris, reporting a story for TIME magazine, and watching Europe unravel around me. Concerns about a Greek default are escalating, sending the yields on one-year bonds soaring up near 100%. The Greek prime minister is scrambling to close a yawning budget deficit and appease his creditors to keep rescue funds flowing, while a final agreement on the second Greek bailout remains elusive. Bank stocks in Europe are taking a beating over fears they can’t withstand the deterioration of euro zone bonds. The euro tanked last week to a six-month low against the dollar. The sudden resignation of an influential board member of the European Central Bank over disagreements on how to tackle the crisis sent stocks tumbling.

Read the blog:

http://curiouscapitalist.blogs.time.com/2011/09/12/does-europe-need-a-tea-party/