Las causas de la escasa recuperación de la economía española. Deberían hacerse políticas de expansión de gasto público y creación de empleo y establecer bancas públicas que garantizaran el crédito a las pequeñas empresas y a los ciudadanos.
The policy and the institutional options taken by core and peripheral European countries do not appear as the result of too haste political decisions or ill institutional design, but as deliberate choices, method in the madness
The Greekcase of public spendingdeficitistotallydifferentfrom theIrish crisischaracterizedby debtofprivate banks,buttheunfortunatepolicyof the euro-zonehasthe same devastating effect.
The real question is the extent of collateral damage that a Euroarea-member’s default – in the form of debt restructuring – would cause, in view of the interdependence between banks and “sovereigns” both within countries at risk and across the entire area.
A tranche transfer of national debt of up to 60 per cent of GDP should be to the ECB which has higher credibility on markets than a debt agency such as the EFSF.
