Paul Krugman: Europe's Economic SuicideQuicklink submitted by Sheila Samples Permalink
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|Just a few months ago I was feeling some hope about Europe. Late last fall Europe appeared to be on the verge of financial meltdown; but the European Central Bank came to the Continent's rescue. It offered Europe's banks open-ended credit lines as long as they put up the bonds of European governments as collateral; this directly supported the banks and indirectly supported the governments, and put an end to the panic. Rather than admit that they've been wrong, European leaders seem determined to drive their economy -- and their society -- off a cliff. And the whole world will pay the price.|
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