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By Wolfgang Münchau
Published: May 30 2010 20:02 | Last updated: May 30 2010 20:02
Want to hear the optimists' case for the eurozone's future? Austerity programmes coupled with a weak euro might just save it. The argument is that fiscal indiscipline has caused the crisis. Austerity must therefore solve it. A weak euro and a global recovery would cushion the impact of austerity. In addition, the financial guarantees and the bans on short sales would see off the speculators. End of crisis.
The optimists have not had a good crisis so far. This will not change. Here is why.
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