Four trillion might not be enough

There is a growing view that if the Eurozone governments could come up with a large enough financial bazooka, it would stop the markets in their tracks and restore confidence. That view is nicely punctured by Simon Johnson (former Chief IMF economist) and Peter Boone at The Baseline Scenario. Not that it seems likely that the Euro governments will get their act together to put that much money together quickly in any case.

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