From the FINANCIAL TIMES:
Dominique Strauss-Kahn, the former head of the International Monetary Fund, made a defiant return to public life on Monday, warning European leaders that they were in denial about the Continent’s economic crisis and have only weeks to come up with real solutions.
He said leaders had failed to undertake any of the fundamental reforms needed to put the eurozone back on track – there was no fiscal union, no lender of last resort, no expansion of monetary policy and no changes in structural policy…
What’s more, Mr Strauss-Kahn said the firewall to staunch the spread of the crisis “doesn’t really exist”. The €500bn European Stability Mechanism would only be operational in months when “the question is a question of weeks. The question is not a question of months.” And he was sceptical about whether the IMF would be able to raise an extra $200bn in funding when the US did not want to contribute more…
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EDITOR: Charges of rape leveled against Stauss-Kahn now seems to have been another ‘rush to judgment’ based on evidence that he was set up by a plot by political rivals.
