A fig leaf of continental proportions

As focus moves from arguments between Greece and its EU partners to a possible bail-out for Spain, it is becoming clear that in efforts to solve the eurozone crisis EU leaders are missing the wood for the trees.

There is no denying that Greece’s predicament is perilous and its place within the eurozone under intense scrutiny. Efforts of Herculean proportions are required for the country to pay off its debts and reform its economy. Spain's challenges might not be of an existential natur...