Large Oversights in European Bailout
Michael Hüther, Der Spiegel | May 11, 2010
There was an important oversight in the €1 Trillion bailout designed to rescue the European economy and end speculation against the euro, namely the failure to hold creditors responsible. ++ “ The fact that the creditors to Greece and other problem countries are not being made to take part in cleaning up the budget problems is the central failure in this rescue package.” ++ The eurozone is also still in danger. ++ Countries like Germany, that had a strong currency prior to joining the euro could potentially form a smaller, stronger currency union.
