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I mean, if Greece agreed to subject itself to two years of high-grade IMF treatment rather than default two years ago it was in order to avoid hard feelings. Also, apparently to take Barroso and Bini Smaghi's words at face value, in order to preserve democracy in Greece. See how well that's worked.
2. You mean the current policy path doesn't lead to two currency blocks (or a much diminished Euro bloc serially shedding members) with France a borderline case?
I believe you missed the evolution in real time of my Euro crisis scorecard. We had been predicting an endgame with a small core Euro and France on the boundary for a long time before France fell off the core last August.
tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
If it's pushed to the point where blood starts flowing in the streets of Athens, we'll be struggling to keep the Union alive, nevermind the Euro.
Friends come and go. Enemies accumulate.
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