– German Parliament approves the EFSF; two days ago the main German Business associations had urged them to do so.
– Protests in Greece continue.
– First six month in Ireland show some pick up in the economy
Meanwhile in the US the debate around fiscal policy continues:
– Brad Delong on why more stimulus in the US would pay for itself.
– Krugman on the fallacy of the ‘high regulation – high spending as a cause of the crisis’ thesis held by Republican.
– Robert Reich points out that one in three family with young children lives in poverty in the US
As no significant long term solution is found, Japanese style protracted low growth becomes more likely
Soros has a proposal to end the crisis