The glass is now a quarter full. This Sunday, Europe’s leaders accepted two of the three steps that are necessary to bring an end to the crisis. They know what they have to do when it comes to putting Greece on a sustainable path, and when it comes to backstopping the banks. On the third necessary step – backstopping sovereign debt to avoid contagion – EZ leaders have not yet realised the magnitude of the problem – they are talking of billions when they need to be talking of trillions. Most depressing of all is the fact that they have explicitly ruled out the ECB’s full involvement.
Πηγή: Voxeu