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The Continent's Moral Hazard

By Michael Gerson - May 18, 2012

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WASHINGTON - Europe's economic struggles are a consistent drag on American growth. A eurozone breakup, in chaos and acrimony, could be a Lehman-like shock of incalculable damage. For years, the stronger European economies have managed to bump along from challenge to challenge -- providing bailouts to the improvident in exchange for fiscal restraint and reform, while reassuring credit markets in...

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Michael Gerson

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