TheEconomist : euro and the future of Europe
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EUROPE’S €750 billion ($950 billion) plan to defend its single currency may have been received with euphoria, but it was born of despair.
FOR weeks, Europe’s policymakers have stood accused of doing too little, too late as the sovereign-debt crisis that engulfed Greece threatened to spread to Portugal, Spain, Ireland and perhaps elsewhere.
THE IMF’s star has risen steadily through the global economic crisis.
FOR anyone from the ex-communist world with a medium-term memory, the frantic efforts under way to save Greece (and the other wobbly southern members of the euro zone) are rather puzzling.
SINCE 1949, Article 5 of the North Atlantic Treaty has bound NATO members to a solemn vow: an armed attack on one of the alliance shall be treated as an attack against all. With international markets closed to Greece, and contagion threatening Portugal and Spain, European Union leaders agreed to a similar pledge after a pair of gruelling, late-night meetings on May 7th and 9th.
SURPRISES are Estonia’s stock in trade.
May 17th 2010, 17:08 by R.A. | WASHINGTON