State of denial

摘要

The calm that has followed Mario Draghi's vow in July to do whatever it takes to save the euro is deceptive. The head of the European Central Bank (ECB) pledged to make potentially unlimited purchases of short-term government bonds of euro-zone countries that ask for (and receive) help from international lenders. But his pledge is yet to be tested. When it is, the supplicant will probably be Spain, the fourth-largest euro-area economy.