Europe Has a Credible Plan which Greece and Britian Won't Like

The latest European plan is obviously an expression of the EU to deal with the Financial Crisis – or rather the plethora of unresolved problems in the wake of October 2008. There is clearly a European determination not to end up like Japan with a zombie economy for the next 20 years.

Clearly the European taxpayers are not just going to pay up and leave the banks to continue their merry way. Before public money is going in to recapitalize the banks – the shareholders will have to take all the losses...