The Coming Euro Bail
Financial volatility and political incoherence have been the order of the day on the continent. However, with the German vote today there are distinct signs that a political consensus has taken shape in Europe. Now the job is to create a TARP like facility to stabilize the banking system and the sovereign debt crisis. As we see things, it looks likely that trillions of Euros will be injected into recapitalization of weak European banks. Funds would also be earmarked for buying the government debt of the three weakest countries ? Greece, and perhaps Ireland and . . .
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