Wednesday, February 18, 2009
Let’s all print.
It would be tempting to leave this misgoverned country to its fate. That would be an error. If Ukraine defaults on its foreign debt – or lets its private companies default on their dollar and euro loans – it will lead to near instant contagion through much of Eastern Europe. This cannot be allowed to run its course. The European Central Bank is going to have to put a clothes peg over its nose and use its printing powers to rescue the region.