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The drama never ends. The past few weeks have seen another sudden change in the eurozone’s political-economic complexion. Four or five weeks ago, the continent seemed to have established a pretty firm consensus for fiscal austerity. Since then, the government in the Netherlands has fallen over the question of austerity, and elections in France and Greece have all but quashed any such conviction. Street protests in Athens, Madrid and elsewhere have also spoken to the breadth of anti-austerity feeling.

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