''The consequences of the lack of a common treasury first became apparent after the bankruptcy of Lehman Brothers in 2008, when governments, in order to prevent financial markets from collapsing, had to guarantee that no other systemically important financial institution would be allowed to fail. At that time, Angela Merkel rejected a Europe-wide guarantee, insisting that each country should guarantee its own institutions. Interestingly, interest-rate differentials widened only in 2010, when the newly elected Greek government announced that the previous government had vastly understated the true fiscal deficit.'' GEORGE SOROS
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