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Trichet is on the record claiming that the problem is not one of speculative attack but of "market failure".
Jean-Claude Trichet vergleicht die Situation der Euro-Staaten zum Ende vergangener Woche mit der Zeit kurz nach dem Ausbruch der Finanzkrise: "Die Märkte funktionierten nicht mehr, es war fast wie nach der Lehman-Pleite im September 2008."
Again either Trichet or Spiegel date the start of the financial crisis to Lehman's failure in September 2008, instead of July 2007. It boggles the mind that everyone has forgotten how liquidity completely dried up in the interbank money market for most of the month of August of 2007.

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Sat May 15th, 2010 at 02:07:11 PM EST
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