by Jim Rose in Euro crisis, global financial crisis (GFC), great recession Tags: Tom Sargent

Sargent said: “A government can be said to be ambiguous when decision makers can’t yet agree what to do and decide to postpone making a decision.” He also raised questions over whether a country should join a currency union, whether it should pay its debts, and whether the central government in a federal system should pay the debts of subordinate government.