Why is the bankruptcy of the Greek government different from the bankruptcy of California?

Rodrik, Dani.

The European Union, and the Eurozone in particular, has impressive institutional achievements to its name.  We have a European Parliament, European Commission, European Court of Justice, a set of common regulations that exceeded 100,000 last time I checked (acquis communautaire), and of course the European Central Bank.  These institutions are meant to underpin its unified market. 

Πηγή: Dani Rodrik’s weblog

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