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Merkel's Day of Reckoning Looms

By Ambrose Evans-Pritchard, The Telegraph - November 18, 2012

They have lent money, at a theoretical profit. They have issued a fistful of guarantees to Europe’s twin bail-out funds, covering Greece, Ireland, Portugal, Spain, and soon Cyprus. They have taken on opaque and potentially huge liabilities through the European Central Bank.

Yet little has disturbed the illusion that the euro is a free lunch for the surplus powers. An assumption persists that the creditors will - and should - be spared the consequences of flooding Southern Europe with excess capital.

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