Euro rescue mechanism is a phantom giant

[BoyRacer]

GIDEON RACHMAN: Euro rescue mechanism is a phantom giant → businessday.co.za/articles/C … ?id=137788

One of the unforgettable characters in a famous German children’s book is a phantom giant. Seen from afar, he looks like a giant. But the closer you get, the smaller he becomes. In Michael Ende’s Jim Knopf, the phantom giant turned out to be an old man of average height with a long beard.
Whenever I hear about European Council resolutions, I am reminded of that poor old man. Each of the council’s crisis resolution strategies has looked impressive.
The agreement reached on March 11 not only appeared comprehensive, it also came as a surprise. Unfortunately, when you look from closer up, as I did last week, the agreement begins to look smaller. By the end of the week, it had crumbled.

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