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It is possible to do left wing policies and solidarity with a strong currency and limited public debt.

If you start out from small amounts of private debt and let the private sector finance the imbalances, sure, and that's what happened in the first 10 years of the Euro. Until the private debt bubble pops and then it's impossible to have an economy if you insist on low headline inflation and low public debt.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman

by Migeru (migeru at eurotrib dot com) on Sat Mar 17th, 2012 at 02:10:55 PM EST
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