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The Basics
Age:
63
Gender:
Male
Race:
Caucasian
Location:
New York
United States
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About Me
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There is little support for Euro-bonds, little support for converting the ECB to a true central bank, and not quite enough support for a financial transactions tax. A financial transactions tax could do double duty. It could take a lot of the profit out of speculation against sovereign bonds -- and also raise revenue needed for public investment. But though most European national governments now favor such a tax, it would be difficult to implement without cooperation of the two biggest money centers, namely Britain and the U.S., whose governments remain opposed. So while Greece is right on the razor's edge of default, and may yet be granted some overdue relief, the prospects for broader European recovery are still very bleak until the politics get a lot more radical.
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There is little support for Euro-bonds, little support for converting the ECB to a true central bank, and not quite enough support for a financial transactions tax. A financial transactions tax could do double duty. It could take a lot of the profit out of speculation against sovereign bonds -- and also raise revenue needed for public investment. But though most European national governments now favor such a tax, it would be difficult to implement without cooperation of the two biggest money centers, namely Britain and the U.S., whose governments remain opposed. So while Greece is right on the razor's edge of default, and may yet be granted some overdue relief, the prospects for broader European recovery are still very bleak until the politics get a lot more radical.
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