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A man and a woman talk as a Greek flag flutters atop the Parliament House in Athens in August, 2012.
A man and a woman talk as a Greek flag flutters atop the Parliament House in Athens in August, 2012.
(YORGOS KARAHALIS/REUTERS)

ERIC REGULY

The euro zone debt crisis is anything but over

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What has austerity wrought? We know it has sent the jobless rate soaring in the hardest-hit European countries, triggered the downfall of more than a few governments and deepened recessions, all in the name of trimming budget deficits, which were indeed trimmed.