Washington Post
May 13, 2010
Europeans just did something that they talk about endlessly in the abstract but rarely achieve in practice: They took collective financial action in a crisis.
The Europeans unveiled a big, bold package of rescue measures that caught some Euro-skeptics off guard. "We were looking for Armageddon," the manager of one big hedge fund confided. Didn't happen. Instead, the Europeans assembled a creative bailout policy that's reminiscent, in some ways, of what the Federal Reserve hammered together during the Wall Street panic of 2008.
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