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Is the gigantic euro bailout the start of a new leap forward in European integration? Or more of a sticking plaster? Either way, this seismic event did not come about without loss of face for more or less everyone involved. The €750bn (£640bn) package was greeted with euphoria mainly because this was the first time that the EU grasped the scale of the problem. Finally the bloc’s leaders understood that, without a proper defence of the euro, Greece—and perhaps other countries—would be pushed into default and German and French banks (which hold much of the debt) would suffer. That could…

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