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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.

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.

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Mon Apr 11th, 2011 at 08:17:32 AM EST

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