Containing Contagion: ‘There is no replacement for good macro-fundamentals’
What began as a singular sovereign debt problem in Greece in 2009 quickly spread to the rest of Europe. First Ireland; then Portugal and Spain and Italy. Today—only three years after the first signs of trouble—virtually all Europeans have felt the destructive effects of the euro zone turmoil, and its impact is being felt around the world. Contagion , a phenomenon where financial tumult in one country or region