The Euro…yeah, that pesky bugger and all of the complications it is causing for the European Union at the moment. In July, the BBC released this animation explaining the Greek debt crisis. It’s worth a check, though some of the graphics could use improvement…like the one using scaled buildings in a bar chart.
Critically for US readers, who have to put up with all this talk about how we cannot run a deficit, pay close attention to the bit about lenders. Deficits are not expensive until interest rates go up. And they only go up when lenders fear the inability of a government to repay its loans.