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Of course they can't exclude Spain from the Eurozone - there is no explicit legal prohibition against sovereign defaults, and there is no legal mechanism for excluding a member. Default is a market solution. But the EPP supports the market only in the second person and in the abstract: It is good for disciplining other persons, or people in general, not for disciplining the EPP's Good Old Boys.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Apr 11th, 2011 at 07:09:05 AM EST
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I'm wondering whether having announced that he isn't running for reelection in 2012 will free Zapatero to actually default on Spain's debt if push comes to shove.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Apr 11th, 2011 at 09:08:23 AM EST
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If he accompanied the default with a vigorous defense of his actions and a cogent critique of the stupidity that led him to such action he could drive a stake through the existing ideology. But he seems to be a consensus guy and shows few signs of understanding what is happening. He needs to start listening to much better advice. One source springs to mind.  :-)

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Apr 11th, 2011 at 11:12:05 AM EST
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