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Misslyckande i Bryssel

All we have so far is a Stability Pact with extra lipstick (Fiskalunion).

After European authorities emphasised that Greece was fully solvent and able to service all debts in full, it is unlikely that they, acting alone, have the capacity to reassure markets. 

Moreover, there are profound intra-European political problems if northern Europe either does or does not impose conditions on Italy.

It would be much better to outsource those traumas to the IMF.

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