Daily Archives: February 15, 2010

By Arminio Fraga

Greece and the EU face a momentous challenge. At stake are Greece’s future and, to some extent, the future of the EU itself. It is obvious that a very large economic adjustment will have to be at the core of any durable solution to the crisis. It also seems clear that the required adjustment will demand time and external support to be viable. Greece’s situation is dramatic but it is by no means the only such fiscal challenge the region, or the world, now faces. Some tough decisions are going to have to be made in the near future. Here a bit of history can be enlightening. Read more

From the FT:
The political constraints of the eurozone Wolfgang M√ľnchau
Why we should not fear the spectre of deflation Edward Gottesman
Scapegoating will not stop another crisis John Cassidy
Japan: it’s not what you say it’s how you get there FT Alphaville
Central bank trendwatch: expanding remits Money Supply blog

From elsewhere:
Goldman goes rogue – special European audit to follow Baseline Scenario
Greece is more like U.S. than people think Seeking Alpha
Premature exit Paul Krugman
Off the cliff and back? Credit conditions and international trade during the global financial crisis Vox