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The end of the euro's Indian summer
After a few sunny weeks, a political and economic storm is battering the euro zone once again. The sugar-rush brought on by the European Central Bank’s pledge to intervene in bond markets to help troubled euro-zone countries—some diplomats call it “Mario Draghi’s ice cream”—was bound to fade at some point. But nobody expected it to fade quite so suddenly this week. Anti-austerity protests in Spain and Greece, uncertainty over their bail-out terms, the resurgence of Catalan secessionism, the likely departure of Mario Monti as Italy’s prime minister next year, obstacles to creating a credible banking ... (full story)
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