The financial markets seem to be gambling that the European Central Bank and Germany are bluffing when they say they are not about to come to the euro’s rescue. But given the obstacles still in the way of a decisive solution to the crisis, it is a big gamble with very high stakes. We have little doubt that euro-zone policymakers will come up with at least some sort of new plan to save the euro at their latest “last chance saloon” summit this week. But it would be no surprise if any optimism faded quickly, as it has after other “grand plans”.
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