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Die Tageszeitung said Eurozone leaders have no one to blame but themselves.
Die Welt said political majorities contradict popular sentiment. Euro-skeptics aren't visible in parliaments. Saving the currency "appear(s) to be an elite project." Germany's next election may "be the last time that a clear majority (supports) European solidarity."
Well before crisis conditions erupted in fall 2007, virtually all significant policy measures failed. Instead of scrapping bad schemes, they're perpetuated.
Greece represents the epicenter of failure. Prime Minister Anotonis Damaris says his country is in Depression. It matches the worst of the 1930s.
It can't possibly meet its fiscal targets. It's collapsing in plain sight. Its national railway company just suspended all international trains.
Rumors now spread about Eurozone leaders agreeing to let Athens go it alone outside the union. Inevitability dictates policy. Once unthinkable Grexit becomes acceptable policy.
One analyst invoked the cockroach theory. He said Greece's departure means others will follow. Economic/financial trouble is contagious. It's a European disease. It affects America and other regions. It's global. Conditions are getting worse, not better.
On July 20, Spanish equities plunged 5.8%. It was their worst day in two years. On July 23, 10-year bond yields reached 7.57%. Meltdown affected five and two-year paper. They soared respectively to 7.35% and 6.55%.
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