EU Bailout Fund is Madness: Economics Writer

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"The EFSF, according to Timothy Geithner, has got to be leveraged up to provide money. "The fact of the matter is, the EFSF looks like a CDO [collateralised debt obligation]. Now they are creating a CDO-Squared. Isn't this how we got into this problem in the first place?" Satyajit Das, author of Extreme Money: Masters of the Universe and the Cult of Risk Traders, Guns & Money, told CNBC.

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