The EU debt crisis foretells a more serious global debt crisis, caused by unlimited growth and the ongoing financial casino. Latin America’s emerging financial and regional architecture offers hope for a new type of integration based on solidarity.
Five countries that belong to the EU – Greece, Ireland, Portugal, Spain and Italy – are in deep trouble. The name given to the huge bubble afflicting these countries and globalised finance in general is indebtedness. But it is not only their problem. France, the USA and Brazil also have gigantic public debts and, sooner or later, may also drown. We must accept this: the world is living a generalised crisis of insolvency. Only a new financial architecture, serving another development paradigm, delinked from unlimited growth and the financial casino, can overcome, not only the symptoms, but also the roots of the crisis.