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ECB is leading Ireland and the eurozone to disaster

The EU Council, the Commission and the European Central Bank have made substantial progress in preparing new oversight and supervisory arrangements, a permanent rescue fund and arrangements for better scrutiny of public finances. All of this is designed to prevent Europe's next financial crisis. However, they have been doing a less impressive job in handling the current crisis, which is now in its third year.

Yields on Greek government bonds have reached stratospheric levels, implying that the markets regard a Greek default as a virtual certainty.

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