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Only a few months ago, most analysts were saying that the eurozone debt crisis was easing. Greece had accepted an austerity plan in return for bailout funds, Italy and Spain had conservative governments that promised to put their financial houses in order, and the euro was holding firm. Then came the Greek elections, where voters, fed up with austerity, rejected both major parties and France’s election of Socialist Francois Hollande, who vowed to combat the German-led policy of financial austerity.

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