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The Euro at Mid-Crisis

Now that the EU and the IMF have committed €85 billion to rescue Ireland’s troubled banks, European policymakers should start looking ahead more realistically. More denial won't prevent the most likely endgame: a wave of debt write-downs, similar to the one that finally wound up the Latin American debt crisis of the 1980’s.

CAMBRIDGE – Now that the European Union and the International Monetary Fund have committed €67.5 billion to rescue Ireland’s troubled banks, is the eurozone’s debt crisis finally nearing a conclusion?

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