Mr Rehn needs to get to work on a plan B
Published 30/06/2011 | 05:00
"There is no plan B" to rescue Greece according to Mr Olli Rehn; or, one must deduce, to save any of the other delinquent borrowers within the euro. There had better be, because the plan 'A' being implemented at the moment is gravely flawed and can only end in failure.
Plan A is based on false assumptions. It treats the present crisis as a recession comparable to those of previous centuries, which has been aggravated by financial mismanagement and will be corrected by fiscal austerity and the panacea of recovery from all previous recessions,
The world has changed; but Mr Rehn and his associates do not acknowledge the change.