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Great Depression II in Europe Creeps Closer

Gerrit Wiesman for the FT:

Merkel rules out eurobonds: “Politics cannot and will not simply follow the markets,” Angela Merkel said on Sunday, as she shrugged off last week’s brutal financial markets and pledged to stick to the “extremely difficult task” of cutting member states’ debt and making the eurozone more competitive. “The markets want to force us into doing certain things – and that we won’t do,” the German chancellor told German public television in her first interview since returning from holiday last week…