Greek move changes everything

By promising to support Greece, the big European countries have abandoned the the no bailout promises when the euro was founded. They will demand a greater say in budget policy in return

13th February, 2010

A Rubicon was crossed last Thursday when eurozone leaders announced collectively that they would take ‘‘determined and coordinated action’’ in relation to Greece’s funding crisis. It is inevitable that profound consequences will result from this decision.

As it became clear in recent weeks that Greece had slid too far to save itself from defaulting on its coming debt repayment s, other European governments were left with the starkest of...

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