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.
IPE @ UNC
IPE@UNC is a group blog maintained by faculty and graduate students in the Department of Political Science at the University of North Carolina at Chapel Hill. The opinions expressed on these pages are our own, and have nothing to do with UNC.
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Wednesday, June 8, 2011
Re: That EMU Stealth Bailout
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