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Lysande Peter Doyle, former IMF staffer, argues that much more is at stake in the eurozone.

Deadly euro dances

A standoff continues between Greece and its creditors. Peter Doyle, an economist and former IMF staffer, argues that much more is at stake in the eurozone.

FT blog 10 February 2015

The last time that push came to shove on this, in 2012, as the markets, Syriza, and the ECB all now know, she /Ms Merkel/ blinked and we got “whatever it takes” and OMT. 

Back then, her Minister of Finance, Mr Schäuble, had overtly led the charge to be done with it and to push Greece out. 

She wavered, during which time markets across the eurozone- and world-wide boiled. But partly (largely?) as a result of their boiling, she was persuaded that Germany could not be insulated from the bedlam that would follow Grexit. So she overruled him. 

And Varoufakis smiled at him during their press conference last week in Berlin.

Full text

“How did you go bankrupt?” Bill asked.

“Two ways,” Mike said. “Gradually and then suddenly.”

The dialogue above is from Ernest Hemingway’s 1926 novel, The Sun Also Rises.

Nations go bankrupt in the same way. Banking collapses occur in the same way. Currency crises strike in the same way. They all happen gradually… and then suddenly.

It’s often attributed to Mark Twain or F. Scott Fitzgerald, or misquoted as something like “At first you go bankrupt slowly, then all at once.” But the theme is the same.

Tyler Durden on 10/17/2013 Submitted by Simon Black of Sovereign Man

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