“I don’t think little steps are credible here,” said Kenneth Rogoff, a Harvard economist who co-wrote a book about debt crises with Ms. Reinhardt. “There needs to be a United States of Europe at the end of this, and it may well not include everyone in the euro zone.”

“They were thinking they had 20 years to get there,” he said, “and instead they have 20 weeks”, The New York Times, September 29th, 2011.


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