My line is that as long as you have bad debt that is priced at par, you have an active crisis. To the extent that the ECB is trying to keep the price of weak-country debt close to par, it is not offering a credible solution. Uncertainty will prevail in the markets.
Daily Kipper- und Wipperzeit Update, Arnold Kling | EconLog | Library of Economics and Liberty
Monday, September 19, 2011
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