Economic crisis: Europe’s rescue plan

Yet in the light of day, the holes in the rescue plan are plain to see. The scheme is confused and unconvincing. Confused, because its financial engineering is too clever by half and vulnerable to unintended consequences. Unconvincing, because too many details are missing and the scheme at its core is not up to the job of safeguarding the euro. This is the euro zone’s third comprehensive package this year. It is unlikely to be its last.

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