[dropcap]T[/dropcap]his one of the clearest and most concise explanations we’ve seen of the troubles in Euroland. The potential for the European Central Bank to become a permanent backstop is very real, and it would likely create an entirely new set of challenges down the road. We continue to believe an orderly Greek default is the best option for the market and for Europe, but that outcome is growing less likely as more and more money is thrown at the problem.
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