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Merkel Becomes Master of Markets With Euro Austerity Mollifying Investors
German Chancellor Angela Merkel has declared a truce in her campaign to master financial markets. Merkel, who began the euro crisis seeing politicians and investors locked in a battle for supremacy, is now using markets’ judgments to support her calls for austerity to rescue the single currency. At the same time, she backed off from her demand that bondholders contribute to bailouts. The shift underscores Merkel’s journey from scientist to dominant crisis manager amid unprecedented economic and financial turmoil that has thrust her to the fore of Europe’s policy response. Delivering the opening speech today at ... (full story)
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