Salient to Investors:
Professor Niall Ferguson at Harvard said the key negotiators, including Merkel, do not understand that the timeframe for financial crises is days, for structural reforms is years. Merkel has to realize that the cost of disintegration to Germany would be mind-blowing, and whatever happens, Germany pays – either through massive defaults or fiscal transfers.
Read the full article at http://www.bloomberg.com/news/2012-06-27/merkel-rebuffs-rajoy-plea-shuts-door-to-euro-area-bonds.html