By contrast, less developed countries that borrow in foreign currencies may run out of currency reserves. When a fiscal crisis hit Greece, the financial world suddenly discovered that eurozone members had put themselves in the position of developing countries.

Nobody can forecast what will emerge from the expert council Sarkozy has appointed to consider these constitutional changes. The council s members represent both the majority and the opposition, and thus have very different views on these issues.

Authoritarian clientelist regimes depend on the silent assent of their populations and the loyalty of their elites. Unfortunately for Putin, when the former is called into question by popular protest, the latter can no longer be taken for granted.

Seventh, the civilian casualties arising from a military strike would be high. If the main justification for an attack is humanitarian to end the senseless slaughter of Syrian civilians US military intervention would do more harm than good.