Wolfgang Manchu in the Financial Times argues that the euro zone’s hour of decision – or, as he puts it, bifurcation point – has arrived. Looking at the deteriorating situation in Spain, it is hard to argue with him. (And in case readers think Manchu is too pessimistic, they are advised to read Peter Boone and Simon Johnson at the Baseline Scenario.)

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  • James A. Haley

    James A. Haley is a senior fellow at the Centre for International Governance Innovation and a Canada Institute global fellow at the Woodrow Wilson Center for International Scholars in Washington, DC.