Wednesday April 8, 2020

Cliff Taylor on building a firewall to Greek default

If Greece defaults, or its debt is subject to some kind of restructuring, then how can the rest of Europe be protected from the speculative chaos that could ensue?

26th September, 2011
2
The European Union flag flies at the New York Stock Exchange

Firewall ! It sounds like a James Bond movie. In fact its the phrase de jour being used to discuss the euro zone crisis. If Greece defaults, or its debt is subject to some kind of restructuring, then how can the rest of Europe be protected from the speculative chaos that could ensue. Put up a "firewall" is the answer, some policies that will stop the chaos spreading. Sounds easy in theory. In practice its...

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