The calm before the eurozone storm

The ECB's implicit guarantee of a bailout may have calmed the euro crisis temporarily, but it has also caused governments to become complacent with their reform agenda.

Last week, after the bailout of Portuguese bank Espirito Santo, euro optimists celebrated this quick action by the Portuguese central bank as a good sign. “The systemic euro crisis is over,” wrote Berenberg Bank’s chief economist Holger Schmieding. He added that “while the eurozone still has issues, it now has a well-oiled machine to deal with them. The vicious contagion risks, which were the hallmark of the euro crisis, can be kept at bay.”

If only.

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