Thinking the unthinkable on Europe's debt crisis
Luke Baker, Reuters/MSNBC, 12.05.2011
There is a solution to Europe's debt crisis. It's called proper fiscal and political union. The only problem is Germany, France, Austria, Finland, the Netherlands and quite a few others would never accept it.
For well over a year, Europe's leaders have been coming up with bold, multi-billion-euro measures to try to put a stop to the debt rot eating away at Greece, Ireland and Portugal, and which could soon affect other member states such as Spain.
The net result, especially when looked at through the eyes of the financial markets, is no improvement. Greece and the others are no closer to resolving their problems, and the likelihood of a debt default or restructuring has only risen. [...]
"There's no one silver bullet. There's no one optimal solution," said Janis Emmanouilidis, a senior policy analyst at the European Policy Center who studies the crisis.
"Policymakers are having to decide between multiple, unpleasant, sub-optimal solutions." [...]
For the entire article see here.
The article was also published on the website of MSNBC.com
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