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Here is a recipe for disaster. Eurozone reformers act as if the crisis never happened

You start off by taking the two most toxic financial instruments of the past 20 years, and then merge them. 

The first is the collateralised debt obligation, the complex instrument at the heart of the US subprime crisis a decade ago.

Next, you take a much more innocent-looking instrument: a sovereign bond from a eurozone country.

Wolfgang Münchau. FT 18 February 2018

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