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As this is being written greek prime minister

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Unformatted text preview: nity government to implement the necessary austerity measures required to receive the €8 billion bailout funds. The drama leading to this action buffeted the markets. Illustrating how fluid the situation is, Italy, the world’s third-largest sovereign borrower, appears to be the next domino in the chain, with Prime Minister Berlusconi resigning following the passage of austerity legislation. What’s next, and can the European leadership successfully get in front of the problem and limit the contagion? The apparent flaws to the creation of the euro are coming under scrutiny as economic growth slows and the specter of an anomic collapse of confidence in the eurozone raises its head. Unity without a common fiscal policy, without a common constitution, and without enforcement mechanisms is possible in times of growth but as growth slows, weaknesses that were once overlooked can no longer be ignored. In 2008, it was obvious that a global devaluation of currencies would be a tool that the industrialized countries...
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This note was uploaded on 02/11/2013 for the course MGMT 231 taught by Professor Yu during the Spring '13 term at Bauder.

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