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The euro zone’s sovereign debt meat grinder has stopped grinding, apparently. Greece has been bailed out and its debt load has been reduced by €100-billion ($130-billion) through a bond “haircut.” Italian bond yields, a measure of its government’s borrowing costs, have plunged. The European Central Bank, through a €1-trillion liquidity injection, has injected life into zombie banks. Markets have rallied, spring has sprung and the flood of crisis summits has slowed to a trickle.