Götterdämmerung

The more the eurozone leaders solve the problem, the more it unravels. Spanish bond yields are back above 7%. The German Constitutional Court has postponed its ruling on the validity of the European Stability Mechanism (ESM) till September. It may yet rule the ESM unconstitutional. Greek public finances are still in precarious shape and the troika visiting Athens has to swallow hard before signing the cheque.

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