The Meaning of the Unsaid: The New Eurozone Deal in Perspective

Expectations were low as European leaders gathered in Brussels on Thursday last week for yet another summit to deal with an escalation of the crisis. But on Friday morning markets rushed on the news that Angela Merkel, the German Chancellor, had climbed down from previous positions and agreed to sweeping changes in Eurozone crisis policy to help Spain and Italy. Even the connoisseurs of Eurozone crisis politics were taken by surprise. So, was this summit the much-wanted turning point in the crisis, with leaders finally doing the right thing after having exhausted all the alternatives?No