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Low rates of interest have been one of the keys to heavily-indebted European countries avoiding a default. Major economic upheaval has also required sharp tax rises and bailout programmes from the European Union. But while economies are beginning to grow again the increases are so small they inspire little confidence.
Professor Enrico Colombatto
Cyprus is the latest eurozone country to receive a bailout to save its troubled banks. But the last-minute deal to stave off bankruptucy and a disorderly departure from the euro creates many more problems for Europe. The way the crisis has been managed raises questions about whether the EU authorities have a clear and consistent vision of what to do next.