Rob Davies: In nobody’s interests

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At the first meeting of the Credit Institute on March 23, focused on sovereign risk in Europe, a couple of leading economists, Charles Dumas of Lombard Street Research and Geoffrey Wood of Cass Business School, declared there were serious problems with the Eurozone.

This is hardly revelatory stuff; anyone looking at the fiscal deficit numbers over the past few months knows the story. But what Dumas and Wood envisage further down the road is far more alarming: firstly defaults, and ultimately the

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