Quoting the Crisis


“ The ECB’s LTRO has bought a little bit of time, but if the policymakers stay focused on austerity, they will fail. A key European analyst pointed out last week that essentially all recent sovereign issuance in the periphery has been purchased by in-country banks, and that was related to the LTRO from the ECB. In other words, there is no private market for peripheral sovereign debt. The key analyst concluded: “The EMU (Economic and Monetary Union) is over”. „

Calculated Risk: Krugman: “Insane in Spain”

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