The new battle for Europe: Bankers vs taxpayers

Over the centuries, Europe has witnessed many major battles that determined the continent's future. There was the 8^th century battle of Poitiers that stopped the invading Muslims and preserved Christian Europe. 



Waterloo finally put an end to Napoleon's quest for European dominance. And of course, the landings at Normandy. Now Europe is facing a different sort of battle that will also have major consequences for the region's future. As Europe's leaders stumble towards a second bailout of Greece, the negotiations have in effect become a fight over who will pick up the tab – creditors or taxpayers. OK, well, it's not quite as exciting as Napoleon vs Wellington. But a precedent may be set for how the euro zone will approach the escalating problem of European national solvency.

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