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It's just that the beneficiaries are the German banks, not the Mediterranean countries.
Austerity can only be implemented in the shadow of a concentration camp.
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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