Luxembourg Finance Minister Luc Frieden said it out loud: "If the Greek people or the Greek political elite do not apply all of these conditions ... they exclude themselves from the Eurozone." All of these conditions. And there are a lot of them. Then he added the crucial words: "The impact on other countries now will be less important than a year ago."
Playing for time had been the strategy all along. Governments established bailout funds. Markets, banks, and multinationals adjusted. The ECB figured out how to circumnavigate its treaty-based restrictions on monetizing sovereign debt of member states. And the national central banks that own the ECB, particularly the
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Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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