Saturday, September 25, 2010

WSJ: Committee to Save the Euro

by Calculated Risk on 9/25/2010 08:41:00 AM

An interesting back story in the WSJ: On the Secret Committee to Save the Euro, a Dangerous Divide

Two months after Lehman Brothers collapsed in the fall of 2008, a small group of European leaders set up a secret task force ... Its mission: Devise a plan to head off a default by a country in the 16-nation euro zone.
And a year later - when Greece was near default - the committee hadn't agreed on a strategy. And that lead to the frantic last minute scramble to piece together a bailout for Greece - with Germany calling the shots.