There is still no easy way out. The crisis of confidence in Greek debt has eased, now that the European Union appears ready to help. The extreme price of insuring Greek debt fell sharply as a result.
But this only gave way to the reality that the eurozone, and the rest of the world, still face intractable problems.
In Europe there are two problems. First, Greece is suffering a strike by public sector workers protesting the austerity measures that the government is proposing. This is a reminder that cutting government deficits is painful, and politically difficult.
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