The Crises of Summer
Summer crises are a familiar feature of European history – and of financial history. Often, addressing some technical issue was not enough to resolve a major political problem, which is true today as well, with Europe’s current crisis reflecting exactly the same mixture of elements, each requiring a very different type of solution.
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PRINCETON – Europe’s crisis is now poised at the moment that divides recovery and renewal from decline and death. Whereas a few weeks ago, commentators and financial analysts argued that only a few months remained to rescue Europe, leading politicians, lurching from summit to summit, have recently talked in terms of days.