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Woe Is Europe

A week of credit-rating downgrades and skyrocketing interest rates fuels fears the monetary union is doomed.
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prospect.org Things are now hanging by a thread in Europe. In a disastrous auction of two-year bonds and six-month bills on Friday, Italy was forced to pay interest rates of 7.8 percent and 6.5 percent, respectively—levels far higher than those that sent Greece into the arms of its troika of …