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Greek euro

Yesterday, the announcement of a 750 billion euro bailout from the European central bank and the IMF to troubled southern European economies seemed to reassure the markets. The interest rate on Greek government debt fell 5%, the euro gained against the dollar, the spread between German and Spanish bonds shrank, and bank share prices rose by almost 10%. No wonder: 750 billion euros is a lot of money. It’s almost triple the Greek GDP. Bond speculators betting on spiralling southern European debt…

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