Europe May Be Stepping Back from Brink

Is the eurozone stepping back from the brink? This might just be possible, because the emerging outlines of a new framework to resolve the ongoing sovereign-debt crisis contain a key component that was missing so far. Indeed, that componentâ??s absence was behind this summerâ??s spreading financial crisis, which moved beyond small, peripheral countries like Greece, Ireland, and Portugal to strike systemically important countries like Italy and Spain.