''Is the worst of the Eurozone crisis
over? The optimists—out of conviction or calculation—say “yes.” The
European Central Bank’s promise to purchase an unlimited amount of
government bonds from member-states who find their credibility
questioned by the capital markets has brought the borrowing rates of the
European periphery down to manageable levels without spending a single
euro. Ireland, the second Eurozone country to require an international
bailout in November 2010, has already made a partial return to the
markets for long-term borrowing, while Portugal, which was bailed out in
May 2011, hopes to do so later this year. Even Greece seems to be
making headway with reforms and fiscal consolidation, the result of
which has been that the word “Grexit” no longer passes from European
officials’ lips..''
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