Re: That EMU Stealth Bailout

See Daniel Davies' comments on my original post, plus this from Whelan at IIEA and this from Storbeck. Via Felix Salmon, who also had this to say.

The upshot is that this appears not to be the stealth bailout that I thought it was, although I have to admit that at this point I'm confused on a few points and will need a bit of time to sort through it all. Also, even if this isn't a stealth bailout I think that's probably a shame. The monetary authorities can do much more to help the Europeriphery, while the fiscal authorities are out of political bullets. So I'd rather have some clandestine bailouts than not.