It has been nearly two months since the Greek debt crisis emerged. In typical fashion, Europe's first reaction was one of confusion and disarray. But, in a familiar pattern, Europe now appears to be cobbling together solutions, and there are even signs that this crisis may be pushing the European Union to fine tune both its vision and its institutions.
While the amount of the recently announced Greek bailout is relatively small – far less than that for AIG or Citigroup – Greece's situation has acted as a wakeup call to the rest of Europe. That, in turn, has prompted reform proposals in a number of neglected areas which, if passed, will lead not only to a stabilisation of the eurozone but also sensible financial re-regulation and more transparency.
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