McManus: All pain, no gain in southern Europe

Attempts to address southern European economic crises have brought little more than anguish and uncertainty.

Milan, Italy — From the American side of the Atlantic, the debate over Europe's economic future often sounds like a bloodless, mind-numbing discussion of currency zones, bank recapitalization and interest rates. But in countries with fragile economies like Spain and Italy, it takes on real-life urgency.

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