However many summits later and after so many efforts to erect “firewalls” and reduce contagion risk, here is what a steady diet of Merkozy financial planning has done.
Special thanks to Vitaly Fiks for this. Our ability to use graphics is limited, but I think this gets the idea across. So much of what the EU has done over the past 2 years has created contagion risk rather than removed it. Greece defaulting in 2010 was less systematically risky than it would be now.