David McWilliams: Forget bailouts, it's time for a two-speed Europe | WHAT REALLY HAPPENED


David McWilliams: Forget bailouts, it's time for a two-speed Europe

Having rallied on Monday, the value of the euro has fallen back. One implication of this is that the financial markets are not convinced that the huge EU/IMF/ECB bailout will be enough. Maybe the markets think that the extraordinary web of borrowing between the European countries is just too big to manage, even with such guarantees in place.

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