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The outline of a package to “save the eurozone” began to emerge at the G20 meeting last weekend. Although the main components of the package are now apparent, the details remain hazy. The big questions surround Greek government solvency, the recapitalisation of the eurozone’s banking system and the leveraging of the resources of the EFSF. Expectations are now running high that Germany and France plan to deploy the “big bazooka”, but German sources suggest that the package will not be finalised this week. Based on past performance, there will be serious implementation risks and the devil will be in the detail.
