The end of European bailouts and the beginning of monetisation

In the German press, there have been a number of stories recently that indicate that the German government will not commit any more money to bailouts in the euro zone. Specifically, the reports of greatest interest have to do with Germany's neither funding a new Greece or topping up the EFSF/ESM bailout facilities. I think these reports are credible and I am writing this note as to what I believe they mean for European economic and monetary policy.

First, the Greek reports come via statements...


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