European policy makers end August with 15 days to justifybondholder optimism that they can deliver lasting solutions to thedebt turmoil.

September offers a microcosm of three years of crisis-fighting.The next two weeks may feature fresh anti-contagion measures fromthe European Central Bank, a possible aid request from Spain andinsight into whether creditors will ease Greece's bailout terms.German judges and Dutch voters also get to proclaim on the euro'sfuture.

At stake is whether politicians and the ECB can extend asummertime shift in borrowing costs by convincing investors Spainand Italy are protected from the rot and the euro is secure. SinceECB President Mario Draghi's July 26 vow to do “whatever it takes”to defend the currency, Spain's 10-year bond yield has fallen abouthalf a point to 6.52 percent, while that of Italy has declined by aquarter-point to 5.81 percent.

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