Mises Daily
Author:
Robert P. Murphy
Online Publish Date:
in Slovakia, the burning issue was whether their government should kick in to the European Financial Stability Facility (EFSF), a €440 billion entity that would buy to do so would lead to a collapse of the banking system. In a similar vein, Europeans today are warned that they need to rescue the PIIGS governments lest the Maastricht Treaty contained rules on countries wishing to join the euro currency union. Specifically, government budget deficits were not to exceed 3 percent of GDP,