If there is one word that captures many Europeans' response to the continent's financial crisis, it is denial. Witness the description by the editors of France's newspaper-of-record, Le Monde, of France's S&P credit-downgrade on January 13 as "un non-événement financier." The fact that this "non-event" will increase France's borrowing-costs (not to mention those of the EU's own bailout fund) at a time when France's government is already struggling to contain spending apparently escaped Le Monde's attention.
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