Europe: Thinking the unthinkable

To resolve a crisis in which the impossible has become possible, it is necessary to think the unthinkable. So, to resolve Europe's sovereign-debt crisis, it is now imperative to prepare for the possibility of default and defection from the eurozone by Greece, Portugal and, perhaps, Ireland. In such a scenario, measures will have to be taken to prevent a financial meltdown in the eurozone as a whole. First, bank deposits must be protected.

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