'Europe' Now Has a Soothing Ring to It?

Mario Draghi, president of the European Central Bank (ECB) Photograph by Andrew Harrer/Bloomberg

Since Greece’s insolvent-grade financials first came to light, Europe has consistently and reliably emanated ripples of distress across the Atlantic. Recall the mini-panic of 2011, with its big selloffs in global markets. And periodic fears about the endearingly named PIIGS—Portugal, Italy, Ireland, Greece and Spain—sneezing their malaise onto France and beyond. Then there’s the latest bank-run-that-wasn’t out of Cyprus.

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