Rather like that bottle of milk lying on your doorstep today, eurozone bailouts have a short shelf life. The ill-tempered deal hatched in the small hours of Friday morning in Brussels may, however, have stumbled across a longer-life formula. Not because of the recipe, which is still to be haggled over – if anyone in Spain thinks that Germany has just written a blank cheque for its insolvent banks, they should think again. But because of one political fact that shone through Angela Merkel's multiple concessions: faced with a binary choice of walking away from monetary union and letting it collapse or doing something to hold it together, if enough pressure is put on her, she will stick with the euro.
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