Cowen gives his thoughts on the massive emergency plan to stabilize the Euro. Salmon's reading of the situation:

[W]hile the EU’s trillion dollars is surely sufficient to prevent any country from having to default in the next few years, I fear that its enormity will only exacerbate tensions between the euro zone countries over the long term. They’re not all partners together anymore: now they’re bifurcating into the rich lenders, on the one hand, and the formerly-profligate debtors, on the other. The mind-boggling sums involved are only going to increase resentments both of the south in the north and of the north in the south.

We want to hear what you think about this article. Submit a letter to the editor or write to