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States of Despair Part II: Labors of Sisyphus—EZ Sovereign and U.S. State Debt Woes

In the ancient myth, Sisyphus was condemned by Zeus to roll a large rock up a hill only to see it roll down before he reached the top. The countries of the eurozone (EZ) periphery could be forgiven for thinking that they are fated to the Sisyphean task of fiscal adjustment—undertaking spending cuts only to learn that the markets are not satisfied and the risk premium in the cost of borrowing has risen again because of their past misbehaviors as they strive to achieve that elusive prize—debt sustainability.

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