November 16, 2012

Merkel Agrees to Pay Up for the Euro

Philip Stephens, Financial Times

AP Photo

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.

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TAGGED: Spain, Eurozone, Europe, Greece, Germany

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