Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

xchrom

(108,903 posts)
21. Interview with Economist Hans-Werner Sinn 'Temporary Euro-Zone Exit Would Stabilize Greece'
Tue Nov 20, 2012, 09:38 AM
Nov 2012
http://www.spiegel.de/international/europe/economist-sinn-warns-against-current-euro-crisis-course-a-868005.html

SPIEGEL: Mr. Sinn, Chancellor Angela Merkel feels as though economists have left her in the lurch. She once said that the advice that she receives from economists is "about as diverse as it gets." Can you see where she is coming from?

Sinn: No.
SPIEGEL: Excuse me? Economists have completely different ideas about how the euro can be saved. You suggest, for example, that countries should temporarily leave the euro zone until they have re-established their competitiveness. Others, by contrast, recommend collectivizing debt across the euro zone. How should politicians deal with such contradictory advice?

Sinn: There are differences in the recommended therapies, but fewer divergences in the analysis. There is considerable agreement today on the euro's defects.

SPIEGEL: But not on how the euro can be saved, or even whether it should be.

Sinn: I hope that it can be fixed. The euro crisis proceeds in phases, and we are always told that there is no alternative to the next phase, because otherwise the euro would crumble. So there was supposedly no alternative when the European Central Bank (ECB) granted its TARGET loans, when it forced the German central bank, the Bundesbank, to purchase sovereign bonds from Southern European countries against its will, and when increasingly larger rescue funds were approved. Now, they are planning to create a banking union to socialize the debts of banks in Southern Europe. The next step will be the introduction of euro bonds …
After Monday's Little Bubble, What Will Tuesday Bring? Demeter Nov 2012 #1
Occupy the SEC Urges SEC: Investigate JP Morgan re Sarbanes Oxley Violations JULY Demeter Nov 2012 #2
The Minimum Wage Is So Low That It's Immoral - and Foolish Richard (RJ) Eskow Demeter Nov 2012 #3
Marshall Auerback: Top 5 Reasons Why Raising the Minimum Wage Is Good for You and Me Demeter Nov 2012 #12
Billionaire Mayor Bloomberg Sues to Keep New Yorkers' Wages Low Demeter Nov 2012 #13
All those people who think big gov't is the problem are yet to wake up to the fact that it's always mother earth Nov 2012 #34
6. Increases the revenue stream for government Warpy Nov 2012 #14
Michal Kalecki on the Great Moderation Demeter Nov 2012 #4
Thanks for that one! Roland99 Nov 2012 #37
Looks Like Hostess May Still Be Around (for a bit) Demeter Nov 2012 #5
Greece Austerity Diet Risks 1930s-Style Depression: Euro Credit Demeter Nov 2012 #6
Temptations of a Peseta default in Spain FROM JULY Ambrose Evans-Pritchard Demeter Nov 2012 #7
The Verboten Story of Argentina’s Post-Default Economic Success FROM OCTOBER Demeter Nov 2012 #8
Mortgages dominate complaints sent to CFPB Demeter Nov 2012 #9
My Big Fat Belizean, Singaporean Bank Account FROM JULY Demeter Nov 2012 #10
The Main Driver of GDP Growth: A Strong Rule of Law Demeter Nov 2012 #11
Know when to hold 'em, when to fold 'em... Demeter Nov 2012 #15
FROM JULY Another New York Times Columnist Attack on Social Security And Medicare Demeter Nov 2012 #16
US Futures - flat after yesterday's run-up Roland99 Nov 2012 #17
Yeah, but look at the spike in crude Demeter Nov 2012 #22
Oil is off a bit today...it ramped up over 2% yesterday along with everything else. Roland99 Nov 2012 #36
praise zeus, it's tuesday xchrom Nov 2012 #18
Nice Dress Demeter Nov 2012 #25
Yeah - the older I get more things seem like 'work' xchrom Nov 2012 #28
Moody's downgrades France's credit rating to AA1 xchrom Nov 2012 #19
Steve Wynn and other US company bosses plan payouts ahead of fiscal cliff xchrom Nov 2012 #20
Interview with Economist Hans-Werner Sinn 'Temporary Euro-Zone Exit Would Stabilize Greece' xchrom Nov 2012 #21
Austerity: A Violation of Human Rights? xchrom Nov 2012 #23
... xchrom Nov 2012 #24
Let me add this. Have a good day everyone. Hotler Nov 2012 #35
Sweet! xchrom Nov 2012 #40
HP Alleges Fraud In Autonomy Deal; Takes $8.8B Charge; Shrs At 10-Year Low (Updated) mahatmakanejeeves Nov 2012 #26
The Stone Age is the Bottom Demeter Nov 2012 #38
Self-Interest and the Pathology of Power: the Corruption of America Part 2 Demeter Nov 2012 #27
Double Double -- The Absolute Simplest Look at Wages and Pensions Demeter Nov 2012 #29
Spain: Residency for foreigners who buy houses Demeter Nov 2012 #30
France should not be bounced into reform by Moody's downgrade xchrom Nov 2012 #31
Cameron's 'growth first' strategy shows a government running on empty xchrom Nov 2012 #32
Housing Starts in U.S. Increase to Four-Year High xchrom Nov 2012 #33
Shut away the excess by halting foreclosures/modifications Demeter Nov 2012 #39
Latest Discussions»Issue Forums»Economy»STOCK MARKET WATCH -- Tue...»Reply #21