NILE GARDINER: Greek Deal Exposes European Folly. “The huge difficulties facing the Euro are symbolic of the deep-seated problems enveloping the European Union today. Chief among them is a lack of economic freedom — thanks to over-regulation of businesses, high tax rates and massive welfare spending as well as heavily protectionist measures (such as the Common Agricultural Policy) that limit free trade outside the EU.”

Funny that the Obama folks wanted to make the United States follow the European model. Doesn’t speak well for their judgment.