June 13, 2012
Why Germany Won't Bail Out Europe
Hans-Werner Sinn, New York Times
ALTHOUGH Europe may seem far away from the economic life of the average American, the fate of the euro zone weighs heavily on the United States economy. Pension funds have invested in bonds issued by southern European states, while banks and insurance companies have underwritten a sizable fraction of the credit-default swaps protecting investors against default.
TAGGED: Eurozone, Germany