Did the euro just enter its death throes?OK, I know that sounds over the top, and I hope it is. But recent developments are really, really bad.
The best guide to recent events is actually a paper written this spring, by Paul De Grauwe (pdf). I have to admit that when I first read De Grauwe’s paper I didn’t grasp the full force of his argument about liquidity crises; but he now looks absolutely prescient.
Read the rest of this article at The New York Times.
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