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Under the best scenario, substantial risks remain. FT headlined, "Eurozone bailout: the blogosphere's verdict," saying:
- the Wall Street Journal Europe Source blog called the deal "too little too late to keep Italy out of the crosshairs of financial markets and open the next battle in the struggle to save the euro;"
- "FT Alphaville" worried about projecting Greece's debt still at a troubling 120% of GDP in a decade under assumptions too optimistic to meet;
- some analysts can't distinguish between smoke and mirrors and reality in the announced package;
- stagnant growth worries Germany's Die Welt commentator Gunther Lachmann, saying the deal omits ways to create jobs and achieve prosperity;
- Germany's business daily Handelsblatt said the agreement creates problems Germans wanted to avoid; and
- other critics see nothing good ahead for troubled Eurozone countries; at best, only their day of reckoning was delayed.
Regular Progressive Radio News Hour contributor Bob Chapman expressed great skepticism about a workable policy response, saying:
"All the lies of the past two weeks by various European governments and bureaucrats, as well as Sarkozy and Merkel, were just delaying tactics to attempt to find a solution to Europe's financial dilemma."
In his judgment, they don't have one, headlines notwithstanding.
On October 28, Naked Capitalism headlined, "Grand European Rescue Already Starting to Come Unglued?" saying:
Analysts worry about wrecking economies to save banks. Other issues include an inadequate "rescue fund, heavy reliance on smoke and gimmickry to get it to that size, insufficient relief" for Greece, doubts about whether "banks will go along with the 'voluntary' rescue, and way too many details left to be sorted out."
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