By Joseph Adinolfi (original source Market Watch)
“Greece’s negotiators have taken a page out of former U.S. Treasury Secretary Henry Paulson’s playbook—the one about using market shocks as bargaining chips.
During the depths of the financial crisis back in 2008, the U.S. Congress was initially reluctant to give former Treasury Secretary Henry Paulson authority to stabilize the financial sector by buying toxic assets off banks’ balance sheets—a program known as the Troubled Asset Relief Program, or TARP.
The U.S. House of Representatives voted the program down on Sept. 29, 2008, fearing the voter backlash that they believed a bank bailout would trigger.”
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