The eurozone sovereign debt and banking crisis is back with a vengeance, following the election of the Socialist candidate Francois Hollande to the presidency of France, the deadlocked election result and pending second vote in Greece, and a surge in Spanish government bond rates back into the danger zone (p9). With the endgame possibly approaching, domestic politics are coming to the fore, especially in hard-hit peripheral countries such as Greece and Spain, and Germany is continuing to refuse to backstop the minimum policies required to stop the euro-rot unless countries agree to an unprecedented loss of sovereignty on the road to fiscal union.
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