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Wednesday, June 29, 2011

NY Times: Leaderless in Europe

The survival of the common European Union currency, free movement across national borders and trans-Atlantic collective security are all in serious doubt. That is the opinion expressed in a NY Times editorial today. More than a year into their debt crisis, major European leaders are still unable to make the necessary tough decisions. The constructive way out would be to restructure excessive debt, recapitalize affected banks and relax austerity enough to let debtor countries — Greece, Ireland and Portugal are most at risk — grow their way back to solvency. No one country could afford to finance such a solution, but Europe as a whole could.

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(Zoon Politikon)


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