OBAMA ADMINISTRATION SENDS ENVOY TO EUROPE, to push for urgent mega-bailouts. The Wall Street Journal today reports that Treasury’s under secretary for international affairs, Lael Brainard, is in Europe this week, to see what “contingency plans” the Europeans have, and to push for a “broader role for” the EFSF, including directly recapitalizing failing banks, in order to try to “calm fears of cascading bank runs in Spain and other nations even before Greece’s June 17 election,” the WSJ writes. She was in Greece on Tuesday, Frankfurt Wednesday, Paris Thursday, and Berlin Friday. The article then quotes Edwin Truman, a senior Treasury official earlier in the Obama administration: “The real serious problem now is that the [European] banking system could blow up in the context of the Greek uncertainty. You could have a run on Greek banks, and Spanish banks, and Italian banks, and Portuguese banks.”
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