…as details crystallized of the package’s main component ”” a promise by the European Union’s member states to back 440 billion euros, or $560 billion, in new loans to bail out European economies ”” the wisdom of solving a debt crisis by taking on more debt was challenged by some analysts.
“Lending more money to already overborrowed governments does not solve their problems,” Carl Weinberg, chief economist of High Frequency Economics in Valhalla, N.Y., said in a note. “Had we any Greek bonds in our portfolio, we would not feel rescued this morning.”
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A Trillion for Europe, With Doubts Attached
…as details crystallized of the package’s main component ”” a promise by the European Union’s member states to back 440 billion euros, or $560 billion, in new loans to bail out European economies ”” the wisdom of solving a debt crisis by taking on more debt was challenged by some analysts.
“Lending more money to already overborrowed governments does not solve their problems,” Carl Weinberg, chief economist of High Frequency Economics in Valhalla, N.Y., said in a note. “Had we any Greek bonds in our portfolio, we would not feel rescued this morning.”
Read it all.