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The euro crisis is dormant; the trillion loan from the European Central Bank has calmed the waters. A new threat to the financial markets, though, has been spotted: democracy. “The French and Greek elections as well as the referendum in Ireland are sparking concerns among investors, businesses and consumers,” says Elga Bartsch of the U.S. investment bank Morgan Stanley.
The euro countries are asking for huge sacrifices from their people. To bolster financial markets’ confidence in their creditworthiness they are laying off hundreds of thousands of state employees, increasing taxes, slashing state funding and rolling back pensions.
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