"Don't Panic..."
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Ex-ECB head unveils bold plan to save the euro
* Plan would address a fundamental weakness. * Proposal presented on eve of G-8 meeting. Europe could strengthen its monetary union by giving European politicians the power to declare a sovereign state bankrupt and take over its fiscal policy, the former head of the European Central Bank said on Thursday in unveiling a bold proposal to salvage the euro. The plan offered by Jean-Claude Trichet, who stepped down last November as ECB president, would address a fundamental weakness of the 13-year-old single currency, the survival of which is threatened by the Greek crisis. The monetary union has always defied economic ... (full story)
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