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As was reiterated in the recent European Council, debt restructurings will be exceptional events, even after 2013, and only in dramatic cases such as those that occurred in the past, usually in underdeveloped countries such as Zimbabwe and Ecuador, never in European Union countries.

This is such a load of drivel.

I'm going to send Mr. Bini Smaghi a copy of This Time is Different by Reinhart and Rogoff so he learns some economic history.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Sat Apr 16th, 2011 at 04:51:14 PM EST
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