What the NYT doesn't tell you is that to not "satisfy [financial] markets" is exactly what should have been done since 2008.
And isn't it refreshing to hear a politician like Merkel saying something intelligent for a change? Truth hurts, but must be dealt with. Let's call it Merkelnomics, so here it goes:
Mrs. Merkel repeated that there was “no magic wand” to solve all the problems of the euro, arguing that they must be met over time with improved fiscal discipline, competitiveness and economic growth among weaker states."No magic wand" are courageous words when said by a politician like Ms. Merkel. Unfortunately, what are a few drops of wisdom in a sea of nonsense?