Rusland adviseert over de eurozone schuldencrisis

February 21, 2010 · 0 comments

Schitterend stuk van Tony Barber (FT Brussels bureau) in de Financial Times:

This is exactly the course of action advocated by several non-eurozone EU countries as well as a host of distinguished economists and, dare I say it, the editorial writers of the Financial Times.

But anything more than that strikes me as unnecessary.  I take very seriously the argument that IMF financial assistance for Greece would plant suspicions in the minds of investors around the world about the long-term viability of European monetary union.  If emergency aid were essential, it would not be difficult for Germany, France and other eurozone countries to provide the required amount, which is generally estimated to be about €20bn.  To turn to the IMF would raise doubts that the very foundations of European monetary union were built on sand.

Be that as it may, Medvedev’s advice is much more sensible than the Spanish government’s apparent initiative to set its secret services on a hunt for conspirators in financial markets and “the Anglo-Saxon media”, who are supposedly out to destabilise the eurozone.