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California’s lesson for the euro

Washington refuses to rescue near-bankrupt states

Europe should look to America, where California’s crisis does not threaten the union

The euro crisis has now entered a decisive stage, a moment of truth for the governments of the troubled currency bloc. Countries with sound public finances, led by Germany and its chancellor Angela Merkel, have been demanding progressively more intrusive control over the budgets of crisis-stricken members to guarantee that their financial support will not be abused. In this debate about how far Europe should move towards federalism, European officials often allude to the financial constraints that the 50 states accept under the federal system of the…

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