November 16, 2012
Merkel Agrees to Pay Up for the Euro
Philip Stephens, Financial Times
Ms. Merkel promised there would be no bailouts; and has since signed up to a procession of well, bailouts. The eurozone now has a permanent rescue system and a central bank that, in extremis, will act as lender as last resort. Everything suggests that Germany will continue to adapt policy to circumstance.
TAGGED: Spain, Eurozone, Europe, Greece, Germany