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The only solution to this crisis seems to me for the ECB to buy sovereign Euro debt with newly issued currency using private banks as intermediaries.

And for someone to bang a few heads together in the Eurogroup to get a coordinated fiscal policy.

Otherwise, we'll end up with Germany standing on top of a pile of defaulted bonds from the rest of the Eurozone.

The brainless should not be in banking -- Willem Buiter

by Migeru (migeru at eurotrib dot com) on Wed Apr 28th, 2010 at 11:09:58 AM EST
It is an option. Inflation in Germany is even better. China giving social security benefits to change the transantlatic trade strucutre also very good. Strong price signals to change the energetic mix even better.

Forbidding CDS, open market derivate, oligopoly of banks with strong regulation on mortgages even better.

But meanwhile, why not a normal bail out 1t 3 %? It should be enough if Europe creates an structures so that Greece doe snot do crazy things in the future.

A pleasure

I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude

by kcurie on Wed Apr 28th, 2010 at 12:29:31 PM EST
[ Parent ]
And for this bailout, how much will Spain's people pay in destruction of their welfare state?

fairleft
by fairleft (fairleftatyahoodotcom) on Wed Apr 28th, 2010 at 01:33:42 PM EST
[ Parent ]
I expect Spain to commit at least €6bn to the Greek bailout, €8 after Germany declares that they won't be participating.

FT Alphaville: My Big Fat Greek bailout

GERMAN GREENS MP TRITTIN SAYS IMF CHIEF STRAUSS-KAHN SAYS GREEK AID PACKAGE WORTH 100-120 BLN EUROS OVER 3 YEARS

...

GERMAN SPD MP SAYS GERMAN INVOLVEMENT IN GREEK AID WON'T BE LESS THAN 25 BILLION EUROS

GERMAN SPD MP SAYS EURO MEMBER STATES TO BE SUBORDINATE CREDITORS ACCORDING TO AID PLAN



The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Wed Apr 28th, 2010 at 02:42:15 PM EST
[ Parent ]

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