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Politics : President Barack Obama
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To: tejek who wrote (73121)4/29/2010 2:35:42 AM
From: nigel bates  Read Replies (2) of 149317
 
>where are the oversight protections<

The EU actually has quite strict fiscal stability rules, but they were widely ignored across Europe during the last financial crisis (for obvious reasons). And the Greeks blatantly lied about their fiscal position when joining the euro, so were starting from an unsustainable position. At the time, it was quietly ignored.

The only true oversight protections when governments are concerned are the bond markets (and they weren't exactly sending reliable signals over the last five years !), and the electorates - who don't like being told that belt tightening is necessary.

This could be Lehman all over again, but with nations rather than banks.
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