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Angela Merkel with Greek prime minister Antonis Samaras

12th September 2012, 10am in Germany. Bond traders in London and Frankfurt are staring at their screens. Once again, the fate of the eurozone seems to be hanging in the balance.

In the sleepy west German town of Karlsruhe, eight red-robed judges take a seat in front of pale wood panelling. One of them studiously reads from a prepared sheet: “In the name of the people…” he begins, before explaining something about article eight, paragraph five, clause one. German newspapers and broadcasters stand…

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