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In
July and August 2010 the interest rate
on the 10-year government bonds of Greece,
the most affected country, was around
10.3%, a level considered unsustainable.
In this context the author points out
that the faults in the institutional organization
of the EMU are the main factors responsible
for the present problems. The faults have
contributed to delaying the policy reactions
to the speculative attack, have made these
reactions costly and inefficient, and
have made it difficult for Greece to find
a way out of the problems.
October 8, 2010.
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