http://online.barrons.com/article/SB50001424052748704073104577215103818745984.html?mod=BOL_GoogleNews&google_editors_picks=true
To boot, the pact still looks like little more than another stop-gap measure—and seems unlikely to alter Greece's probable exit from the euro. A more likely catalyst: German elections next year may see Germans, tired of subsidizing their Southern European neighbors, turn out the current leadership—the very leaders who've been instrumental in trying to keep the euro zone together.
There is talk already that euro-zone institutions are assessing scenarios for a Greek withdrawal. More and more observers see Greece reissuing the drachma, devaluing it and trying to rekindle economic growth in a couple of years—rather than sticking with the euro and enduring a decade of pain.
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Monday, February 13, 2012
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