Photographer: Tomohiro Ohsumi/Bloomberg

Five Things Europe Learned This Week

With Greece becalmed, Europe's attention switched to events on its northern edges (and China).

1) China's stock market might as well be in Macau

The Shanghai Composite Index got clobbered Monday, tumbling 8.5 percent in the biggest one-day loss since 2007. The rest of the week didn't get much better. Despite unprecedented government intervention to stem losses on Chinese exchanges, the index posted its worst month since August 2009.

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