Europe's Brutal Game of Dominoes

Greece is gone. Spain teeters. Look out, Italy?
Illustration by Maxwell Holyoke-Hirsch

Remember Europe’s good old days? You know, June? The Greeks had finally elected a government, and the country’s new ruling coalition was willing to stick with an austerity program. In Brussels, a June 29 summit ended with German chancellor Angela Merkel yielding a little on the need for harsh medicine for any country that applied for rescue funds. The leaders of Spain and Italy claimed victory, and markets momentarily stopped pummeling their bonds.

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