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Let's not forget Bundesbank chief Jens Weidmann was Merkel's economic advisor until she chose him to succeed Axel Weber earlier this year. So, we can either assume they were on the same page on no bondholder bailouts until 2013 or, more cynically, as you say, that Merkel has no position of her own and just does what is personally politically expedient hoping nobody calls her out on her change of opinion.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Jun 16th, 2011 at 01:54:46 AM EST
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