Remember Europe’s good old days? You know, June? The Greeks had finally
elected a government, and the country’s new ruling coalition was willing
to stick with an austerity program. In Brussels, a June 29 summit ended
with German chancellor Angela Merkel yielding a little on the need for
harsh medicine for any country that applied for rescue funds. The
leaders of Spain and Italy claimed victory, and markets momentarily
stopped pummeling their bonds.
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