financial engineering offers a way to avoid Eurogeddon

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Writing in the Financial Times , Wolfgang Munchau makes short work of the idea that financial engineering offers a way to avoid Eurogeddon. Some key extracts follow:

Let’s hope not.
The nation-states of the Eurozone need to step in to restore the order that the broken, unfinished machinery of the common currency union has wrecked but cannot repair. As a first stage, they need to recapitalize their own banks and if that has to mean (temporary) nationalization, so be it. Based on their experience in the early 1990s, the sensible folk at the Riksbank, Sweden’s central bank, can give some pointers on how this could be done. Easy, no, pretty, no, but if plan B is a dream that a cunning CDO will set matters to rights, it certainly beats the alternative.