After Debt Crisis, Europe Must Address Legitimacy Crisis

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A steady stream of leaks suggests that, at the very least, a “soft” Greek sovereign debt default is now inevitable. And if Greece defaults, it is very likely that Portugal and Ireland might be forced to do so as well. But curiously enough, that scenario no longer seems to be as apocalyptic as it did even several weeks ago. Part of that is because the European Union, for all the flaws of its response to the debt crisis, has bought much-needed time, and is likely to buy a bit more, to allow European banks to begin cleaning up their balance […]

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