"Merkel's statements admitting the possibility of a Eurozone breakup are the
first by a major figure from Germany, France, the EU, or ECB.
Note how throwing money at Greece made the problem far worse for everyone, including Greece. A Greek default a year ago may have cost in the range of $25-50 billion, now it may be triple that.
Thank ECB president Jean-Claude Trichet who emphatically and repeatedly stated "We say no to default". Central bank arrogance cannot override markets.
Top ECB Official Abandons Ship
Yahoo! Finance reports Top ECB official Stark resigns unexpectedly
Note how throwing money at Greece made the problem far worse for everyone, including Greece. A Greek default a year ago may have cost in the range of $25-50 billion, now it may be triple that.
Thank ECB president Jean-Claude Trichet who emphatically and repeatedly stated "We say no to default". Central bank arrogance cannot override markets.
Top ECB Official Abandons Ship
Yahoo! Finance reports Top ECB official Stark resigns unexpectedly
The European Central Bank says that top official Juergen Stark is resigning well before the end of his term, removing a key voice for tougher rate policy and raising questions about the bank's course during Europe's debt crisis.at http://globaleconomicanalysis.blogspot.com/2011/09/germany-prepares-plan-b-default-top-ecb.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29
The ECB said Friday that, Stark, 63, is leaving "for personal reasons" almost three years before the end of his eight-year term.
European stock markets and the euro fell sharply amid uncertainty over leadership at the eurozone's top monetary authority..."
