Greece is a turning point for the E.U.

On July 20, the government of Greece is supposed to pay 3.5 billion euros to the European Central Bank. Writing now, more than a week before that debt is due, I am loathe to predict what will happen. Clearly, the government of Greece doesn’t have 3.5 billion euros. An emergency meeting of European leaders on Sunday might come up with a solution, but it might not. The consequences of a failure could include the collapse of the Greek banking system and a disorderly Greek exit from the euro curr...