Germany’s dangerous ideas

“The short-term danger of contagion [from a Greek exit] is difficult to assess, but we have enough buffers in place. And even though they were designed for different circumstances, they are sufficient. But we are entering uncharted waters.”That was European Central Bank president Mario Draghi, trying his best to make sense at the IMF’s spring meetings in Washington.I can’t be sure but I think this is what he means:‘We don’t know what will happen if Greece exits the Eurozone. But whatever does happen, no one should worry because we have the tools – which weren’t designed to address what we...

“The short-term danger of contagion [from a Greek exit] is difficult to assess, but we have enough buffers in place. And even though they were designed for different circumstances, they are sufficient. But we are entering uncharted waters.”

That was European Central Bank president Mario Draghi, trying his best to make sense at the IMF’s spring meetings in Washington.

I can’t be sure but I think this is what he means:

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