ATHENS -- The massive emergency fund assembled to defend the value of the euro is backed by a political gamble with an uncertain outcome: that European governments will rewrite a post-World War II social contract that has been generous to workers and retirees but has become increasingly unaffordable for an aging population.In other words, socialism in Europe may be failing. Hey, I've got a great idea: now that Europe is about to go financially belly-up because of socialism, let's try it here and see if we can get it to work!
The trillion-dollar program, to be underwritten largely by the 16 nations that use the euro and by the International Monetary Fund, represents a virtual discarding of Europe's rule book.
Oh. Wait. Somebody has already thought of that.