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The euro, which has been falling for months, rallied yesterday as markets grew slightly more confident that Germany would bail out Greece. For years, the strong economies of Europe have insisted that no matter what, they were not responsible for the debts of other eurozone nations. However, this policy may be changing.

Is Greece Europe’s Fannie Mae? The US corporation, put into government conservatorship in the dark days of September 2008, flourished for years because of an implicit guarantee from…

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