Not afraid of foreign armies but of foreign debt holders.

"But while Europeans no longer fear foreign armies, they are starting to fear foreign bondholders." The cost of being a lifestyle Superpower.

FT.com / Columnists / Gideon Rachman - Europe is unprepared for austerity

http://www.ft.com/cms/s/0/8b24504e-5c65-...

Gideon Rachman on foreign affairs and globalisation, including American foreign policy and the European Union