It suddenly occurred to me that Europe is responding the current economic crisis in a manner akin to the way human body reacts to extreme cold. In the case of frostbite blood flows away from the extremities such as fingers and toes to the areas nearer the chest.
It seems that those economies further from the continent's economic core seem to experiencing something similar. Capital seems to be flowing away from the peripheries towards the continent's "heart". Iceland, Ireland, Latvia, much of Eastern and South Eastern Europe are heading towards deep recession with massive declines in economic output. Let's hope that we avoid the next step;
"In extreme cold, or when the body is exposed to cold for long periods, this protective strategy can reduce blood flow in some areas of the body to dangerously low levels. This lack of blood leads to the eventual freezing and death of skin tissue in the affected areas."
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