The human tragedy of this crisis demands that we all participate actively in responding to it. The sheer scale of what is happening will change Europe forever. Indifference or hostility to change are not options. Our elected leaders are already working on a common response.
The overall government debt is expected to amount to 88.5% of GDP next year. This is still below the level prior to the introduction of the Euro. But it is also an increase of more than 20% from the level before the crisis.