The Eurozone’s Last Stand
The eurozone’s current muddle-through approach to its members' sovereign-debt crises is an unstable disequilibrium: kicking the can down the road, and throwing good money after bad, will not work. Only a comprehensive strategy can rescue Europe's monetary union.
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NEW YORK – The eurozone crisis is reaching its climax. Greece is insolvent. Portugal and Ireland have recently seen their bonds downgraded to junk status. Spain could still lose market access as political uncertainty adds to its fiscal and financial woes. Financial pressure on Italy is now mounting.