Europe’s Historic Gamble
The last few weeks have been the most amazing – and important – period of the euro’s 11-year existence. Having doubled their bets on the euro, European leaders now must make their monetary union work.
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BERKELEY – The last few weeks have been the most amazing – and important – period of the euro’s 11-year existence. First came the Greek crisis, followed by the Greek bailout. When the crisis spread to Portugal and Spain, there was the $1 trillion rescue. Finally, there were unprecedented purchases of Spanish, Portuguese, Greek, and Irish bonds by the European Central Bank. All of this was unimaginable a month ago.