As the EMU bloc stagggers towards a messy deal on Greek debt this week, it is worth thinking afresh whether the present strategy of “kicking the can down the road” still has anything to commend it. Increasingly, the chosen route of procrastination and obfuscation looks like the worst of all possible worlds. Instead of buying time, which was the original intention, the strategy is maximising the risk of a disorderly blow-up which would do much greater damage than the intrinsic scale of the original problem should merit. Read more
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