Greek Debt Crisis: Merkel the Scapegoat

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Matthew Yglesias proves that Godwin’s law is attainable in 140 characters or less. Clever. Lord knows I picked a bad week to defend German Chancellor Angela Merkel and the EU. But if, as many observers are now arguing, the current EU-IMF package isn’t sufficient to keep Greece from eventual insolvency and debt restructuring, then nothing that was on either side of the table a few weeks ago was even remotely sufficient. Which is to say, Merkel did not single-handedly torpedo a workable solution. I understand, too, the importance of signaling when it comes to the markets. But once the signaling […]

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