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Chart of the morning

Why Italy matters. (Money Game)
Tweet of the morning
@gavyndavies: “It is far cheaper for the Germans to sort out Greece once and for all than to allow this to spread to Italy. Surely they must realise this?”
Eurozone links
Markets this morning in Europe (and elsewhere) are over Italy, etc. (WSJ, FT, Bloomberg, Money Game, FT Alphaville, Stock Sage)
The “smartest man in Europe” is gloomy. (Pragmatic Capitalism)
What countries are most exposed to sovereign debt? (Global Macro Monitor)
Are Eurozone bonds the only viable solution to Europe’s problems? (WSJ)
Is fiscal union the only solution? (FT Alphaville)
The EFSF may be used to purchase peripheral sovereign debt on the open market. (FT)
The Eurozone may very well be doomed. (voxEU)
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