Trapped in Euroland

Asians have watched the Greek crisis with a muted sense of vindication. In response to their own crisis in 1997, Asian leaders sought to establish a regional monetary fund to provide liquidity assistance to beleaguered members – an idea that the IMF and the US rejected at the time, but have now embraced for Europe.

TOKYO – The eurozone is sometimes dubbed “Euroland” by Americans (and some Asians).  Given its echoes of “Disneyland,” a place of fantasy, that is a far more mocking than useful nickname.