With the financial crisis in the United States seemingly under control Europe went into a panic of its own this spring substituting the specter of defaults on sovereign debt for the American penchant for defaults on home-mortgage debt. A stabilization package valued at nearly $1 trillion was put into place in Europe calming markets at least for the moment. But where does the euro wind up amid all this tumult? One view is that the euro is safe bolstered by a sense that it is too important to fail. But others say it is heading for a fall.
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