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Tag Archives: haircut

The Greek Haircut and Europe’s Shared Responsibility

15 Nov

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Why Banks and Rich Countries Have to Pitch In

http://www.foreignaffairs.com

Abraham Newman

ABRAHAM NEWMAN is Associate Professor in the Edmund A. Walsh School of Foreign Service at Georgetown University.
November 15, 2011

 

Since the outbreak of the financial crisis in 2008, the German government has been fixated on the dangers of moral hazard: Berlin has resisted calls to foot the bill for the reckless spending of its profligate counterparts in Athens, Rome, and elsewhere. However sensible it might sound, this outlook has fed the German public’s opposition to bailouts of weaker EU countries, precluded a robust European response to the crisis, and fanned bond market contagion. Just look at the collapse of Italy’s government over the weekend.

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