can a country or region ignore the markets

As long as you are in a separate country from the Greeks or French.
If you are in the same country, the majority can vote to take your money for their own use. Watch out for 'ever closer union'.

in reference to:

"In the long term, you cannot operate against the markets (because you need their money), they just evaluate how you work and then decide whether tehy should trust you with their investment."
- The euro crisis: Europe's 750 billion euro bazooka | The Economist (view on Google Sidewiki)

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