The Economist has a great interactive map of global debt: check it out. But don’t worry. I won’t be asking any quiz questions about it (much too detailed).
Greece is a highly indebted country, and is clearlyunable to repay its debts. In order to make the payments on its debts, Greece needs to borrow money from the European Union, the European Central Bank, and the International Monetary Fund (the three institutions have been dubbed “the troika”). In return for the loans, the troika is demanding that the Greek government reduce its expenditures on normal government functions such as police, education, and social services. But Greece is in the sixth year of an economic recession and unemployment is over 25%. So the question for Greece is should it repay its debts by depriving its citizens of needed services, or should it default on its loans and leave the eurozone?
The European Union is ratcheting up its presence in world affairs, and is demanding increased action against the violence in Syria and the Iranian nuclear program. The US is certainly happy about the moves, but it is unclear whether the Union has the ability or the will to take stronger action. Both issues seem to be intractable as long as the US and the EU are stymied by the vetoes of Russia and China in the UN Security Council.
World Politics News 
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