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Eurozone in crisis

The eurozone’s debt crisis that Wolfgang Münchau (July) writes about is really an issue of structure, governance and leadership. As large as Greek debt is—some $500bn—it is less than 5 per cent of the whole area’s GDP. The average debt-to-GDP ratio of eurozone countries is around 80 per cent: slightly higher than Britain’s, but less than in the US—and less than half of Japan’s. None of those countries has yet seen the bond buyers strike experienced in the eurozone. Why? Because European monetary union is delivering what it says on the tin.

To join the euro, countries…

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