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Photograph by Simon Dawson/Bloomberg

Photograph by Simon Dawson/Bloomberg

ECB’s Emergency Cash Becomes Last Bulwark Against Chaos

The euro area has just come as close as it ever has to learning that what the European Central Bank gives, it can also take away. Before euro-area ministers agreed a last-ditch bailout in the small hours of Monday morning,...

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Photograph by Ursula Alter/Getty Images

Photograph by Ursula Alter/Getty Images

France Is Psyched for Deficit Valentine

Meeting budget-deficit targets isn’t France’s strong suit, but it’s looking increasingly likely that President Francois Hollande will be given some breathing space next week, when the European Commission puts out economic forecasts for the euro zone. The previous forecasts, in...

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Photograph by Pierre-Philippe/AFP via Getty Images

Photograph by Pierre-Philippe/AFP via Getty Images

Adios Austerity, But Debt Will Still Limit Spain’s Growth Measures

Spain’s 32-month experiment with austerity-at-all-costs, as devised by Angela Merkel’s budget ultras, is drawing to a close. Prime Minister Mariano Rajoy oversaw 62 billion euros of tax hikes and spending cuts, 851,000 job losses and three different deficit targets, all...

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Greek Prime Minister George Papandreou addresses parliament in Athens, Oct. 31, 2011

Photograph by Thanassis Stavrakis/AP Photo

Greek Prime Minister George Papandreou addresses parliament in Athens, Oct. 31, 2011

Today in Euro Crisis History: Intensive Care Dept.

October 31, 2011 Papandreou Calls Referendum on New Greek Bailout Plan Greek Prime Minister George Papandreou will put the European Union’s new agreement on financing for Greece to a referendum, saying he had faith in receiving support from Greeks. The...

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Photograph by Aris Messinis/AFP/Getty Images

Photograph by Aris Messinis/AFP/Getty Images

On Crisis Anniversary, Athens Tear Gas Defies Merkel’s Stability

On this day in 2009, German Chancellor Angela Merkel was working on her second-term tax cuts and French President Nicolas Sarkozy was preparing a speech on territorial reform. With the euro at an uncomfortably high $1.49, then-European Central Bank President...

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