Nonsense from the EU

Bloomberg quoting European officials about EU monetary rules:

Instead, the EU stuck to the view, voiced by European commissioner Joaquin Almunia in a Jan. 29 Bloomberg Television interview, that “in the euro area, default does not exist,”

Yes, defaults do happen. Economies unexpectedly go bad, and as long as this kind of bullshit comes from the money managers, then defaults will be traumatic rather than planned. One cannot plan economically by outlawing negative numbers.