EUROPEAN politicians have moved into overdrive. Normally they move at approximately the rate of continental drift, but now they have been shocked into activity. The cause of their sudden celerity is, of course, the sovereign debt crisis.
LAST week the situation started to become more than a little worrisome. While the EU had long hours of discussions regarding the wording of non-binding joint resolutions, market participants took matters into their own hands. Since Europe was showing no signs of any leadership or action to stop the crisis, investors lost faith and began to look for safer pastures. Australia, Canada, Japan and ...
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