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I won’t recapitulate my core views on the euro crisis (see this talk), but here are a few points:

1. The aggregate numbers are workable, but the eurozone needs a unified solution of some kind.  Putting any single country “in charge” would yield a solution, although the quality of solution would vary with the country.  Still, it would be a solution.

2. The danger is that quasi-solutions will appease all countries in the short run, not really solve the core problems, and thereby walk the eurozone further down the plank of doom.  This is the outcome I have been predicting, though it is not necessary in any logical sense.

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  • Philip Andrews on September 10 2012 said:
    this just sounds like a desperate tunnel visiomned attempt by the Euro financial sector to 'blast' the Euro problem away finacially while ignoring the fundamental and underlying weaknesses. It really does sound like a last ditch 'all or nothing' attempt by the Euro idealogues to keep their dream project together when all indications point to structural and historical failure.

    Its rather pathetic how people in power can cling to such delusions for so long despite mounting evidence to the contrary. Still they are all wealthy enough to jump ship when it does all come crashing down about them.

    Its the poor unemployed types we should really be considering and Grexits and other potential Euro disasters, not whether people like Draghi can susytain their delusions for a few months or years longer, rather than acknowledging and dealing wuth the realities, esp of places like Greece...

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