Friday, May 14, 2010

European bailout only postpones day of reckoning

Washington Post
May 13, 2010

Europeans just did something that they talk about endlessly in the abstract but rarely achieve in practice: They took collective financial action in a crisis.

The Europeans unveiled a big, bold package of rescue measures that caught some Euro-skeptics off guard. "We were looking for Armageddon," the manager of one big hedge fund confided. Didn't happen. Instead, the Europeans assembled a creative bailout policy that's reminiscent, in some ways, of what the Federal Reserve hammered together during the Wall Street panic of 2008.


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