Europe's handling of its sovereign debt crisis has been disastrous. Euro zone leaders succeeded in turning a man ageable economic problem in Greece into a political conundrum that jeopardises the single currency. A premature insis tence that private-sector creditors take a hit on Greece has fostered contagion. Mas sive write-offs are necessary but nobody yet knows what constitutes sustainable debt or what Greece's "real" gdp is.
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