Last summer it was Italy and government borrowing. This year it’s Spain, and banking. In both cases markets discovered that the problems were too big and might bring the euro down. Still, the euro has survived and, in spite of the turmoil, it looks like it’s here to stay.
Last summer brought the first bailout package for Greece, announced on July 21, 2011, but never applied. It also brought the ‘commitment’ among European leaders, mainly promoted by the Merkozy gro...
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