NYU economist Nouriel Roubini is worried that Europe may be
throwing good money after bad as it hooks up peripheral banking systems to ECB
life support.
In a new piece on Project Syndicate, Roubini points out that
while European leaders are currently busy buying time while they debate the
next steps toward banking and fiscal union, the steps they are taking – like
backstopping troubled banking systems and sovereign states with bailout monies
– are exacerbating imbalances that could make a eurozone breakup very painful
down the road…..
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