The ECB’s Secret Bailout Strategy
For many, Greece, Ireland, and Portugal had to seek an EU bailout, and Spain is a potential candidate, because international markets no longer wanted to finance their current-account deficits. But international markets have not financed any of them for the past three years; the European Central Bank has.
MUNICH – Why did Greece, Ireland, and Portugal have to seek shelter under the European Union’s rescue umbrella, and why is Spain a potential candidate?