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Questo articolo è stato pubblicato il 22 agosto 2012 alle ore 15:30.


When a compromise package has been agreed that makes the summer look calm, when the negotiators think that they have earned a good rest – this is the moment for the brilliant surprise.

A debtor’s negotiating strategy is to make creditors believe that a collapse would produce some much bigger catastrophe, which can be avoided only by more concessions and more support. That sense is always more likely when the debtor’s action comes without warning – the financial equivalent of a pre-dawn attack.

The eurozone leaders’ summit on June 28-29 in Brussels now looks like the most far-reaching and satisfactory recent attempt at European diplomacy. But it might look very different in September.

Harold James is Professor of History and International Affairs at Princeton University and Professor of History at the European University Institute, Florence. He is the author of The Creation and Destruction of Value: The Globalization Cycle.

Copyright: Project Syndicate,


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