Last week, I promised to give further details for my end-game scenario for the eurozone crisis. My premise was that the eurozone will eventually agree another Greek loan this summer. Despite an incredible amount of noise, I still expect the European Union member states to reach a deal. They usually do.
Once they agree a debt rollover for Greece, second loan packages for Ireland and Portugal will surely follow. I argued why this would favour a closer political union in the long run – with a European treasury secretary, a centralised banking resolution policy and a eurozone bond.
So how should this be done? Let me say first how it should not be done.
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