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The Trouble With Ms. Merkel

By New York Times, New York Times - June 20, 2012

After their two-day meeting ended on Tuesday, leaders of the Group of 20 top economies managed to say some of the right things. Focusing on the euro-zone debt crisis — clearly, the largest threat to the global economy — they pledged to do more to spur growth, ensure financial stability and support a stronger European fiscal union.

The question now is whether these words will ever translate into effective action. If the past two years of the euro crisis is any guide, the likely answer is no. As recession and banking crises have enveloped Greece, Ireland, Portugal, Spain and Italy, the crisis response, led by Germany, has been dominated by a relentless insistence on self-defeating austerity and piecemeal rescue plans.

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