If the stakes were not so high, Europeans' incompetence in the euro-zone debt crisis would be comic. One year after the Greek rescue was launched, it is manifestly failing (see page 73). Yields on ten-year Greek bonds are higher than they were a year rnago. Both the Greek government and its European and imf rescuers admit that the country has no hope of tapping private capital markets in 2012, a central assumption of the original plan. It is plainly time for Plan b. But rather than get on with it, Europeans are bickering like children in a playground.
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