[Olog-hai]

Just to finish that last interrupted paragraph:

Clause 7 of the Brussels accord states that Europe's bailout fund (EFSF) will have powers to "intervene in the secondary markets". It may fund "recapitalization of financial institutions through loans to governments" in any EMU country, opening the way for a "Euro-TARP" to rescue banks. The German bloc can henceforth blanket the entire South with its AAA rating, if it dares. This is the start of a liability union and a proto-EU Treasury . . .

And of course, the "euroskeptics" have been vindicated; the eurozone had the gun put to its head indeed.

[bruinbirdman]

"the eurozone had the gun put to its head indeed."

Merkel, ""We can't let a good crisis go to waste."

Good socialists welcome this consolidation of the collective.

yitbos

[Travis McGee]

What a basis for an unhappy union: everybody with a gun to everybody else’s head.