A fortnight overseas brought sunshine on the lovely Greek Isle of Naxos and gustatory classics in Provence, all enjoyed with stellar companionship of friends old and new. But in the background were ominous events that augur ill for global and domestic stability.
In the forefront was the declaration of bankruptcy by Greece’s far-leftist populist president, backed by a rousing 60 percent “no” to European central banks in a referendum on a reconstruction plan. That Athens was peaceful on referendum Sunday made for a pleasant visit strolling around the Acropolis and a lovely café dinner afterward, all the while surrounded by smiling Greek faces. The latest accord defers the eventual reckoning arising from the financial meltdown facing Greece—and for the European Union.
Across the Eurasian landmass China’s stock markets declined vertiginously, with one Wall Street Journal analysis noting that the classic signs of a bubble were all at their historical extremes: