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Europe: Out of ICU but still ill
Europe does seem to be healing, with substantially more good news than bad, assuming agreements to deal with Greece's immediate financial needs are indeed reached shortly. And European leaders deserve credit for taking key steps in recent months. They have moved slowly but steadily to create the infrastructure of the financial "firewall" intended to defend against potential disaster, while also agreeing on budget restraints to help protect against a repeat of the profligacy that led to this debt crisis. For its part, the European Central Bank has flooded the banking system with liquidity to substantially reduce the ... (full story)
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