Is the Euro Crisis Over?
Financial crises tend to start abruptly and end by surprise. By the standards of these crises, three years is already a long time span. A year after the Lehman shock of September 2008, confidence in the U.S. financial system had been restored and the recovery had started. A little more than a year after the 1997 exchange-rate debacle triggered their worst recession in decades, Asian economies were thriving again. Three years have elapsed since Greece became a cause for concern for policy-makers and a cause for excitement for money managers.
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