Posted by Kate Mackenzie on Feb 27 08:02. Comment, analysis and more from Monday's FT, Wolfgang Munchau: Greece really needs a year to prepare for total default We are now going to go through the motions but Greece will default, one way or the other, writes the FT's Munchau. Lawrence Summers: The US tax system needs rebuilding Whoever wins this year's US election, the combined effect of three events - the expiry of former president George W. Bush's tax cuts, a renewal of the legally binding limit on federal borrowing and the start of a Congressionally mandated sequester, a mechanism that will automatically cut domestic spending from 2013 - will force the president and Congress to engage deeply with fiscal issues, writes Summers, the Charles W. Eliot university professor at Harvard University and a former US Treasury Secretary. Global Insight: Draghi must be wary of Ltro elixir's power A trillion euros? Tony Jackson: We need new thinking to bring home the UK bacon There seems no escape these days from what used to be called industrial policy. The UK prime minister talks of "rebalancing" the economy. The US president calls for "making stuff" as opposed to "phoney financial profits." If the debate seems wearyingly familiar - even sterile - it has acquired a new reality. Consider the case of the UK... This entry was posted by Kate Mackenzie on Monday, February 27th, 2012 at 8:02 and is filed under Uncategorised.