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Thursday, November 17, 2011

[socialist-econ] NYT: Bloice's Quote of the Day

via Carl Bloice

Quote of the Day
November 17, 2011

'Even with the best leadership, neither Greece nor
Italy will be able, on their own, to restore their
fiscal health and help slow the spreading financial
contagion. That will require substantial and immediate
help from their euro-zone partners, starting with Mrs.
[Chancellor Angela] Merkel.

'An all-out effort by the European Central Bank to buy
bonds, lower interest rates and inject new liquidity
into the markets may still calm the contagion if it
begins in the next few days. The bank's new president,
Mario Draghi, may be willing to play this role, if
Germany stops standing in the way.

'Mrs. Merkel must make clear that she will support the
central bank taking on this expanded role. And now that
new, credible leaders are in office in Athens and Rome,
she and other euro-zone leaders need to meet with them
and negotiate more growth-friendly reform packages.
There is very little time left to avoid financial

New York Times
November 17, 2011

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