Every Western fiat currency is now pegged to Greece

THE pledge by the world’s leading central banks to provide unlimited dollar liquidity in three month-loans to battered European lenders cheered up markets on September 15th. European stockmarkets closed up, by more than 3% in France and Germany. French bank shares, which have been in the eye of the storm, recovered sharply (BNP Paribas was up 13% on the day while Société Générale rose by 5%). But the co-ordinated action, while helpful, is a palliative rather than a solution. Economist