Contemplating the Future of the European Union

The European Union consists of 27 nations, 16 of which use the EU currency. The European Union is facing its demise because of Greece's recent economic problems. Depending on how they handle this problem it could make or destroy the Union. The troubles of Greece have driven the value of the Euro down compared to the dollar. Their are talks of bailing Greece out now. But then comes the question of what will happen with other deficit stricken countries like Portugal or Spain. How can the EU stop itself from falling apart? “The crisis should lead to political unity, but it could just as easily lead to a divided Europe,” said an economist from the Center for European Reform. Wealthier countries worry that they will have to use their taxpayers' dollars to bail out the deficit stricken nations. The problem has come because many countries were using the "euro like a credit card" and overspending to avoid a recession but by doing this ran up a huge deficit.