September 29, 2011
The Washington Post explained the reluctance of European Central Bank president Jean-Claude Trichet to support a large write down of Greek debt that would force creditors to take large losses by saying:
“Trichet and others worry that a default or even a steep devaluation of Greek bonds would wreck the euro zone’s credibility and make it harder for countries, banks and companies to raise money.”
Actually, the Post doesn’t know what Mr. Trichet and others are worried are actually about, it only knows what they claim to be worried about. It is possible that Mr. Trichet and the unnamed others are actually worried about the euro zone’s credibility, but it also possible that their main concern is to protect European banks from large losses. The Post should just report what people say and do and not try to claim knowledge of their motives.
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