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The real diehard free-market types argue that the Federal Reserve and Congress should do almost no bailing out.
Because it really doesn't matter how low our financial fortunes sink; if temperatures keep rising, there'll be no bailing anyone out.
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Moreover, it should not touch the no bail-out clause.
Critics say this breached the "no bail-out" clause of the existing treaties.
The treaty governing the European Union includes a "no bail-out" clause, forbidding countries from assuming the debts of others.
Save for eurobonds, there could be no more flagrant violation of the "no bail" clause of article 125.
The Germans cared more about the "no bail-out" clause, while the financial markets clearly thought the "no default" and "no exit" clauses were paramount.
After all, the treaty that created the euro contains a "no bail-out" clause that prohibits one country from assuming the debts of another.
If monetary financing is banned and the "no bail-out" commitment is real, then fiscal discipline is largely an issue for individual countries.
The "no bail-out" clause, designed to ensure that governments will not be held liable for other countries' debts, has been trampled underfoot.
The single currency's architects put their faith in the "no bail-out" clause coupled with a "stability and growth pact".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com