blankfist

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radx says...

JP Morgan: there's excess of democracy in Southern Europe that needs to be trimmed.

Political systems around the periphery typically display several of the following features: weak executives; weak central states relative to regions; constitutional protection of labour rights; consensus building systems which foster political clientalism; and the right to protest if unwelcome changes are made to the political status quo.

The shortcomings of this political legacy have been revealed by the crisis.

Dafuq?

Source: JPM: The Euro Area Adjustment, via Policy Research in Macroeconomics

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