Washington Post (September 17)
2011/ 09/ 17 by jd in Global News
A “bank run” mentality has resurfaced in Europe. With trust waning, the short term depends on the European Central Bank (ECB), which has stepped in as the lender of last resort. In the long term, “true stabilization is going to mean rewriting the premises of European unity, and the social contract itself.” This process “will take many years to strike a new balance — to organize what amounts to a managed bankruptcy for the eurozone and the beginnings of a recapitalization.”
