The EU financial rescue plan announced last Thursday (October 27) is not likely to save Greece from economic collapse or other member countries facing similar economic problems. The reason is simple. The financial support being galvanized is not for saving the countries from economic Armageddon, but it is for saving those banks who have lent money to those countries. Therefore, a better alternative is provided by Paul Krugman.
Read Paul Krugman's article in New York Times on October 27, 2011.
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