X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Leaders of the European Union failed to reach a unanimous agreement last Friday on a new seven-year, $1.3 trillion budget for their collective government. Adoption of a new budget faces uncompromising hurdles. It must have unanimous support, rendering adoption impossible in the US context. Even across the pond, arriving at consensus is no easy task. The budget debate has reopened deep divisions within the EU, including skepticism about the European experiment from the highest levels of the UK government.

I am just returned from Greece, the center of gravity for efforts to secure Europe’s future. The protests in the streets outside the Grand Bretagne hotel, which sits just a few hundred feet from the Greek parliament, underscore a popular readiness to walk away from the economic and political coalition. That is adding to Greece’s pain. As in Spain and Portugal, a brain drain of the most mobile and productive market participants is an emerging risk.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.