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We keep running circles around the elephant in the room, which is that the EU needs to fund accumulation of productive capital in the periphery in ways that imply net fiscal transfer from the core, or "surplus recycling", or "repatriation of surplus".

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Tue Apr 10th, 2012 at 09:04:10 AM EST
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