The euro: Up or down?
A year ago, the future of the euro looked uncertain as concerns over the state of Greece's public finances escalated, with fears of a spread to other peripheral European countries and possible sovereign debt restructurings.
With the €110 billion rescue package for Greece and the creation of the €750 billion European Financial Stability Facility (EFSF) in May 2010, the crisis appeared to die down during the third quarter, but it erupted again in the fourth quarter with the extension of EFSF
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