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Paying the price for Lehman Syndrome

A deal, of sorts, was concluded by the euro countries' top leaders this morning. As I wrote in a quick take for the FT comment pages, Alexis Tsipras avoided having to send Greece's fairest one hundred maidens in tribute to Berlin. Apart from that, however, the agreement looks remarkably like the debt bondage of old, complete with a grab on assets thrown into the mix. Among the most curious elements is the fact that Europe's most elevated politicians find it appropriate to spend their time signing off on such specifics as the competitive conditions of the...

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