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发帖数: 1978 | 1 Greek Myths and the Euro Tragedy
Letting someone lose money on sovereign debt is the acid test for the euro.
By JOHN H. COCHRANE
Last week the Greek bailout ballooned into a gargantuan 750 billion euro (
nearly $1 trillion) debt stabilization fund, including a $39 billion line of
credit from the International Monetary Fund. This coincided with the
European Central Bank (ECB) announcement that it would immediately begin
purchasing junk-rated Greek debt.
It won't work. The problem isn't liquidity, |
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