Blind faith in European politicians is worrying at the best of times. But, it is particularly worrying now. The euro is staging a remarkably strong rally as investors assume that, although Greece might yet default on its debt, European politicians are prepared to prevent a larger crisis from enveloping the single currency. This improved sentiment towards the euro has been gaining momentum over the last week or two, as members of the euro zone have gradually been following Germany’s lead and ratifying reforms to the European Financial Stability Facility, that will provide bailouts to peripheral debtors. Evidence of ... (full story)