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Especially because we're now told that neither Greece nor Ireland are being allowed to borrow from the EFSF to buy back their bonds. And also, because the EFSF is supposed to lend at penalty rates of interest.

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

by Migeru (migeru at eurotrib dot com) on Mon Apr 11th, 2011 at 08:51:00 AM EST
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