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Some readers have reminded me about my recent post, “Why Europe Will Cave to Greece.” Europe didn’t cave, they smile — Greece caved to Europe.

Well, it’s true, things haven’t gone as I expected when I wrote that post at the end of January. You can count on dysfunction in the European Union, but rarely to this degree. Still, it’s too early to say who caved to whom. The most one can say at the moment is that this is no way to run a monetary union.

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