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Europe steps back from the abyss, for a day
"Let us be clear: if there is no relief we are going straight into the abyss," said Romano Prodi, Italy's ex-premier and former head of the European Commission. Relief came just in the nick of time at 9.15 on Tuesday morning when somebody – most likely the European Central Bank (ECB) – intervened in the Spanish and Italian debt markets. Systemic contagion has been halted. A global crash has been averted. At least for a day. Willem Buiter, Citigroup's chief economist, said the survival of monetary union now depends on the Spartan fortitude of the ECB, preferably before Italy's crucial bond auction on Thursday. ... (full story)
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