Even if the Europeans get it together to push Greece (and Ireland, and Portugal, and Spain, etc.) through the short term, it’s unclear that the political will exists to fix the problem instead of just patching it. That will weigh on the global economy in the medium term, as will the threat that some unforeseen circumstance will plunge the world back into financial crisis.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.