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Der Standard - Austria | Wednesday, February 27, 2013

Europe needs to calm down

After the unclear outcome in the Italian parliamentary elections, the yields on Portuguese, Spanish and Italian bonds rose sharply on Tuesday. But the panic is uncalled for, the left-liberal daily Der Standard writes: "A fresh outbreak of the euro crisis is unlikely because in the meantime new firewalls have been erected and fire extinguishers that weren't available when the first billows of smoke appeared in Greece are now in place. Above all, the readiness of the Central Bank to indirectly finance crisis states if necessary - albeit at the expense of price stability - should prevent Italy from running completely dry. And the bailout fund is also an option, even if it doesn't have enough resources for an intervention on behalf of Europe's largest debtor. So all in all the economic outlook has changed over the past 15 months. ... And besides, the mess in Italy's domestic politics shouldn't be over-dramatised. ... If everything else fails, new elections wouldn't be the end of the world politically. No one knows this better than the Italians."

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