Alas that the U.S. prior to Aug. 1 could not have seen such a headline as this from today's Times, with some noun substitutions: Merkel Called Bankers’ Bluff to Win Europe a Debt Plan Or a narrative about our president like this: But Mrs. Merkel called the bankers’ bluff, said officials present at the discussions. Accept the 50 percent write-down, she told the bankers, or bear the consequences of default. In effect, she was willing to risk a credit event, and to place the blame for any fallout on them.
In painful contrast
In painful contrast
In painful contrast
Alas that the U.S. prior to Aug. 1 could not have seen such a headline as this from today's Times, with some noun substitutions: Merkel Called Bankers’ Bluff to Win Europe a Debt Plan Or a narrative about our president like this: But Mrs. Merkel called the bankers’ bluff, said officials present at the discussions. Accept the 50 percent write-down, she told the bankers, or bear the consequences of default. In effect, she was willing to risk a credit event, and to place the blame for any fallout on them.