NYTIMES/ "Chancellor Angela Merkel’s strategy for dealing with Greece’s untenable debt problem was to stall and hope the crisis did not demand action until after a critical state election in early May. On Wednesday, the clock finally ran out. Merkel’s
hand was forced by mistrustful credit markets and the ratings agency that downgraded Spain, Portugal and Greece in a matter of just two days. As the crisis worsened, political calculations had to take a back seat to the more basic task of ensuring the stability of
the euro currency that replaced
Germany’s beloved mark."
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