Miracles and mirages in the eurozone wonderland

A nearly-bankrupt Greece is planning its return to capital markets, while the ECB impresses markets despite its inaction. Now more than ever, absurdity reigns in the eurozone.

In that faraway wonderland that it is the eurozone, nothing is quite what it seems. It is a strange place where half-bankrupt governments can plan a return to capital markets at moderate yields, and a central bank is able to impress analysts by talking about things it cannot do. Both instances are patently absurd, but just because something is absurd has never stopped it from happening in Europe.


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