By Simon Johnson, co-author of 13 Bankers: The Wall Street Takeover and The Next Financial Meltdown
After months of denial, the European policy elite finally begins to understand that something is seriously wrong in the eurozone.
But the prevailing definition of the problem is still too narrow – the consensus in France and, even more, in Germany is that “this is a Greek problem”. Even the most negative still think that Portugal and Spain can easily escape serious damage.
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