No magic bullet for what ails the euro zone

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National Post, June 2012

Equity, bond and commodity markets weren’t exactly delirious with delight at the prospect of co-ordinated intervention by the world’s major central banks to prop up stumbling economies and keep credit flowing in the wake of the Greek election. But the mere fact markets reacted positively Friday to something the banking magicians might have up their sleeve – including more financing for Greece – marked quite a change from the way they have behaved of late when policy makers have actually done something.

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