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Euro's straightjacket a threat to goal of political union

Owing to its flawed design, the common currency now threatens to abort the very project that it was meant to advance.

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The new Syriza government in Greece caved after barely two weeks, when confronted with the ultimate nuclear threat: misbehave and the European Central Bank will stop funding your banks. PHOTO: AFP

Santiago

THE jury is still out on whether Greece will manage to avoid default, remain in the eurozone, and reverse the brutal contraction of its economy. But any fair panel already would have issued a verdict on the political consequences of the common currency: utter failure.

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