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Germany Shows Leadership (?)

Written by Simon Johnson @ The Baseline Scenario

In the discussion over whether or not Ireland and other eurozone countries face serious economic issues (e.g., as suggested by the credit default swap, CDS, market), we have been joined by an unlikely ally: the German Finance Minister, Peer Steinbrueck.  To avoid any misunderstanding, here is the exact wording from  Bloomberg this morning:

German Finance Minister Peer Steinbrueck said late yesterday that euro region countries may be forced to bail out members of the 16-nation bloc that face problems refinancing their debt.
While he didn’t name countries facing problems, Ireland is in a “very difficult situation,” Steinbrueck said.

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