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"Europe is difficult to understand for the markets. They work in an irrational way sometimes," Lagarde told RTL radio.It appears that the difficulties in comprehension are mutual, since European economic policymakers don't seem to understand markets either.
"Europe is difficult to understand for the markets. They work in an irrational way sometimes," Lagarde told RTL radio.
And journos don't get either.
I can't figure out who created the myth in lender countries and Germany especially that the EFSF means a transfer of tax dollars, rather than lending. But that sentiment seems central to the parliamentary resistances to the scheme which in turn seem central to the motivation of Merkel & co in blocking action.
One whose delusions are out of fashion.
It's just that the beneficiaries are the German banks, not the Mediterranean countries.
Friends come and go. Enemies accumulate.
There is some debate as to whether the EFSF violates the "no-bailout clause" of the Eurozone. These rules are an attempt to make it possible to argue that it doesn't. But by not violating the "no-bailout clause" the EFSF also solves nothing.
Economics is politics by other means
Why not just call the ESF and associated rules what it is: Bailout Laundering.
As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
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