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Colm McCarthy: Summit offers a decent chance of saving the euro

When a big eurozone country got into serious trouble in the bond market the game was always going to change. That is the essential message from the Brussels summit.

Full responsibility for private banking debt was forced on to the Irish government's balance sheet by the European Central Bank in October and November 2010. This formula could not be imposed on Spain, which would have been forced from the bond market, to be followed inevitably by Italy and the likely collapse of the common currency project.

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