Paying for Europe's wishful thinking

Europe has stuck fast to its strategy of buying time, but it must surely recognise that optimistic assumptions have only delayed the inevitable and led to billions being wasted.

It is one of the most used phrases in the eurozone crisis: Buying time. The measures taken by European politicians over the past two years have obviously not solved the problems. Instead, they provided temporary relief – sometimes for a few weeks, sometimes only for a couple of days. They literally ‘bought time’.

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