a european league of austerity?!?!

[xchrom]

http://economix.blogs.nytimes.com/2010/12/02/how-likely-is-default-in-europe/

'Most likely we will witness the creation of an Austere Coalition (actually a modified Hanseatic League) of Germany, the Netherlands, Austria, Finland, Estonia and a few of the smaller countries. Ending forever what is charmingly known as moral hazard — the prospect of soft bailout money — is an admirable goal. But getting there under current conditions is going to be rocky, because that new regime implies that prominent countries need to have less total debt and a longer maturity on their debt than they do now.'


i'm beginning to take a dim view of germany. they got pretty good trade deals from the rest of the eu -- and now they want
vote on whether a country can have access to the central bank by determining if a country is illiquid or insolvent.

and estonia, really?