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In bank stress tests, what’s worse: runs or lemons (the other kind)? Lemons via www.shutterstock.com

Runs versus lemons: why US bank stress tests succeeded while Europe’s failed

US regulators chose to reveal detailed information to the public about the state of the banks. They were able to be so transparent, without triggering a run, because of a strong fiscal backstop.
EPA/Karl-Josef Hildenbrand

Poor old Europe

When the International Monetary Fund (IMF) criticises the European Union’s policies toward Greece as too harsh and threatens not to co-operate, we should pay attention. The IMF, after all, has developed…
Under pressure to do a deal: Alexis Tsipras. EPA/Jerry Lampen

Tsipras may have just done the best deal possible for Greece

Backed into a corner as the banks reached the brink, the Greek prime minister may have fashioned some sort of success, and the prospect of something approaching debt relief a little down the line.

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