Tyler Cowen talks with host Russ Roberts about the European crisis. He argues that Greece is likely to default either in fact or in spirit but that the key question is which nations might follow--whether Italy and Spain can find a road to economic health, honoring past debts. What is likely to happen to the euro, the European Union, and the rest of the world? He explores some less likely scenarios as well. He is pessimistic about Greece and the short-run prospects for preserving the status quo, but he is optimistic in the long-run about the European Union though it may have a different structure down the road.