Wednesday, November 2, 2011

Greece looks worse and worse

There is increasing turmoil today over the on-again, off-again Greek referendum, a pulled EFSF bond auction, widening Italian spreads and, far in the background , France's AAA rating.

What a mess.

Europe is going to have to go through a wrenching adjustment of all its certainties, including the modern welfare state. The latest great European summit solution last Wednesday night lasted less than three business days.

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