William Buitter, chief economist of Citicorps, delivered the annual National Council of Applied Economic Research (NCAER) lecture on July 13. Some of the points he made included:
In Japan and Italy, private wealth serves as a saviour despite governments' problems. US, UK, Spain and Greece, do not have this backup.
There is need for a coalition for fiscal burden sharing.
Sovereign default an embarrassment to governments.
European Central Bank can recapitalise all European banks.
Sovereign debt restructure system is not there in Europe.
Europe not ready for fiscal federalism.
Thursday, September 02, 2010
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