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Finally though, I'd make the plea that we don't forget that at some level this current crisis is artificial. There are structural problems and they are what we've been talking about (fiscal transfer, solidarity, etc.) but the crisis of the moment is pretty simply the failure of the ECB to act as the lender of last resort. As such the markets are attacking countries one by one, simply because they can...
If you wanted to attribute nefarious intent rather than just ideological blindness, the Shock Doctrine narrative would fit like a glove.

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 12:27:55 PM EST
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