European monetary fund won't pay
The creation of a European monetary fund (EMF) has suddenly gained currency in the policy debate. This would be an extremely counterproductive move.
Eurozone policymakers, from European Central Bank (ECB) officials to finance ministers, have reiterated over the past several weeks that Greece does not need financial help. Yet advocating an EMF implies the opposite. Worse, it suggests we will in fact see periodical debt crises within the eurozone.
It is, therefore, a stunning admission of defeat
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