The government of France is in trouble. Reform in Italy has stalled, and the country is slipping back into a recession from which it never really escaped. The mighty German engine looks to have run out of fuel. Unemployment continues to climb. The news coming of the eurozone is unrelentingly bleak.
Not surprisingly, investors are fleeing. The money that flowed into European equities at the start of the year, when there was a widespread view that the continent was finally starting to recover, has fled over the summer.
But, in fact, that is a mistake.
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