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Yet the state's fiscal condition kept deteriorating, battered by a steep downturn, a heavy reliance on the financial sector and decades of unsound policy choices.
"Putting Garbage to Good Use," by Steven Cohen (Op-Ed, Aug. 15), is rightly critical of New York City's costly and environmentally unsound policy of exporting garbage, its lack of interest in waste prevention and its downgrading of recycling.
The counsellor must not abandon ship because he cannot control the winds; instead, he must work obliquely, "by indirect means", to handle matters tactfully and minimize the effects of unsound policy.
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In turn, this increases the defensiveness of these countries while providing the West with an ability to continue with unsound policies based on ready financing for government debt.
The fund proposal, which Ms. Merkel has not yet formally endorsed, would be a shift for Germany, which has resisted providing assistance to countries that get in fiscal trouble because of unsound policies.
Mr. Eyzaguirre said recent problems in Asia and Russia, as well as the Mexican peso crisis in 1995, were set off not by unsound policies but by the inconsistent way that sound policies were administered.
IFCs would have a remit to highlight broken commitments, unsound policies and missed targets.
But U.S.- backed bailouts protect investors who lent money to governments or private-sector institutions, not the people who suffer the consequences of unsound policies.
Critics of for-profit higher education opposed the 2002 regulation as reflecting unsound education policy and, as a result, a new regulation will become effective as of July 1.
As for Rand Paul, his website says that he "would make sure that all Americans understand the dangers of unsound monetary policy and shed light on this secretive organisation".
He worked in the age of National Security Agency spying and unsound foreign policy: "You know I did some nasty things in Peshawar, things I'm not proud of, so man, the least I can do is make sure Tommy gets to college".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com