The EU’s ‘Shock and Awe’ Debt Crisis Package

European Union leaders have yet again come up with a detail-free plan to address the European debt crisis, with the hope being that this one with be massive enough to have the needed “shock and awe” effect to calm markets. Whether or not it will be enough to have more than an immediate impact remains to be seen. How will European banks recapitalize without consolidating their holdings, at a time when bank shares have been falling? Who will actually pony up the money to reinforce the European Financial Stability Facility (EFSF)? How realistic is the Greek austerity budget? And how […]

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