Europe’s Fast Track into the Third World

The sovereign debt crisis in Europe has sparked a heated debate about how to finance rescue packages without creating incentives for fiscal misbehavior by EU member governments and how to place some of the bailout burden on private investors who buy the sovereign bonds of countries running unsustainable budget deficits.
http://www.brookings.edu/up-front/posts/2010/12/08-europe-debt-rieffel