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Greece Defaults, Krugman Screams
The EU summit hammered out yet another temporary fix today, albeit a complicated one. The proposal involves the creation of a "European Monetary Fund" and it will require changes to the Maastricht Treaty. Paul Krugman does not like the austerity measures and ECB president Jean-Claude Trichet had to eat his words regarding defaults and acceptance of defaulted bonds as collateral. German taxpayers may potentially be screwed big time on this bailout. Can this agreement hold together? Before deciding let's look at some details. "European Monetary Fund" Created In what French President Nicolas Sarkozy likens to a "European Monetary Fund", EU...
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