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The combination of the two leads to
  1. a, yes, flawed design of the Eurozone
  2. policy inability to devise solutions to the macroeconomic crisis
  3. political wilingness to IMF fellow EU member states

The whole thing would have been avoided had the ECB simply acted as a market-maker of last resort for Greek (and, generally, EUsovereign debt) bonds back in February 2010. That, however, was incompatible with the ideological blinders of the Eurozone policy apparatus. In particular, the canard that secondary market purchases of sovereign bonds are illegal was debunked immediately on this site, which didn't prevent Axel Weber and Jürgen Stark from lying about it as late as May 2010 and making the bond purchase program ineffective when it did get going.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Jun 2nd, 2011 at 10:00:20 AM EST
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