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After more than three years of economic, financial, and budgetary stress in the European Economic and Monetary Union (eurozone), especially on its so-called “periphery”, some signs of stabilization emerged in the latter half of 2012. Is this a sign that the financial and economic troubles leading to the rating downgrades of 12 of the 17 eurozone member states since the onset of the crisis may have run their course? We believe that 2013 could be a watershed year for the eurozone debt crisis. It could mark the start of the region sustainably overcoming the market volatility and fragmentation that has affected it over the past few years. It could also see the return of some so-called “program countries”–member states that have borrowed from the European Stability Mechanism (ESM) or the European Financial Stability Facility multilateral loan programs–such as Ireland and Portugal, to more substantial primary issuance in the capital markets.

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