This cartoon by Schrank from The Independent on Sunday shows German Chancellor Angela Merkel and French President Nicolas Sarkozy relaxing on a pier in the shape of Europe, while Barack Obama surfs towards them on a giant wave marked 'U.S. Debt Crisis'.
COMMENTARY
Merkel and Sarkozy might have thought that they had earned a holiday after coming up with a second Greek rescue package (the newspaper headline reads "Greece bailed out again"), but the European pier (i.e., economy) looks decidedly rickety and risks being engulfed by the looming U.S. debt crisis. An American default would have disastrous consequences not only for the U.S. but the world economy, possibly starting a new recession.
