The Periphery’s Purgatory
The eurozone’s core economies are showing signs of recovery, and financial conditions in the over-indebted periphery are improving as well. But, as the contours of Greece's troubled economy make clear, capital shortages, depressed demand, and reform bottlenecks mean that continued progress is far from certain.
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ATHENS – German Chancellor Angela Merkel’s upcoming visit to Athens will be a far less tense affair than her earlier journeys here during Europe’s long financial crisis. Of course, Greeks have little love for Merkel; but, thanks to Europe’s modest economic recovery, some of the poison has been drawn from Germany’s relations with Europe’s most damaged and distressed economies.