Tuesday, May 25, 2010

The Sheriff

Jean-Pierre Jouyet, France's former Mr. Europe, isn't blaming the markets and rating agencies:

This is the context of (and contrast between) the European Union’s dreams and issues of probity in 2010. It’s against this background that a number of its government leaders leaped to insist to their electors that the euro zone’s problems, beyond a Greek hiccup, were the work of “wolf packs,” “wild animals” and “armies” of “speculators.”

Instead, according to Mr. Jouyet, who is no gadfly but a European mandarin and formerly France’s secretary of state for European affairs, you could liken the role of the markets and rating agencies in the Greek crisis to that of justices of the peace in a cowboy film.

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