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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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