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On second thought: this has nothing to do with Eurobonds. It is, in fact:

  1. The Greek "Escrow Account" by another name: EU Deficit countries would issue bonds secured by priority claims on tax revenues
  2. The reverse of Keynes' proposal at Bretton Woods: a proposal to pile interest penalties on current account deficits (Sinn does admit that the origin of the Target2 balances is persistent intra-EU current account imbalances) where Keynes proposed to charge interest on current account surpluses

Yee-haw!

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Carrie (migeru at eurotrib dot com) on Thu Mar 1st, 2012 at 04:33:13 AM EST
[ Parent ]
Exactly. And it's not even disguised.

Spain would not, by treaties, be allowed to fight her current account deficits. But she must make sure that they will bleed her dry.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Thu Mar 1st, 2012 at 05:08:14 AM EST
[ Parent ]

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