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Global economy supplement: the eurozone—still likely to crack

The possibility of a breakup is at its highest for two years

By Wolfgang Munchau  

The headquarters of Volkswagen in Wolfsburg. But modern Germany “does not have a particularly strong entrepreneurial culture.” © Dietmar Rabich

The German economy has transformed itself through economic reforms. Mario Draghi, President of the European Central Bank, ended the eurozone crisis with a promise to support the euro in all circumstances. Spain goes through a miraculous economic recovery. The threat of a breakdown of the eurozone is averted.

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