Europe has gotten a reprieve in the immediate Greek crisis. Each member of the union, as well as the European Central Bank (ECB) and the International Monetary Fund (IMF), have ponied up funds to get Greece through its immediate borrowing needs and support any of the other endangered members of the so-called PIIGS-Portugal, Italy, Ireland, and Spain. In return, Greece has effectively ceded its sovereignty to the European Union. This sad transaction should end this acute phase of the crisis. But, there are still repercussions to consider pertaining to economic growth in Europe, the United States, and the rest of the world-not to mention China's much-watched currency policy, and the longer-term character of the European Union.
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