Hugo Dixon is Editor-at-Large, Reuters News and the founder of Reuters Breakingviews. He is also the author of "The In/Out Question: Why Britain Should Stay in the EU and Fight to Make it Better." Before founding Breakingviews in 1999, which he edited until 2012, Hugo spent 13 years at the Financial Times, the last five as Head of Lex. He began his journalistic career at the Economist. Hugo is also a budding philosopher. Follow him on twitter: @hugodixon
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The epicentre of last week’s fright was the 18-nation currency bloc, whose three big economies – Germany, France and Italy – are in their own ways stuck. There is a grand bargain sketched out by Mario Draghi that might shift the malaise. But it won’t materialise soon, if at all.
Matteo Renzi’s Plan A is to push through domestic reforms, hope the ECB manages to get inflation ticking up, and keep his fingers crossed that the economy stops shrinking. But if this fails, a mega wealth tax, debt restructuring and/or exit from the euro beckons.
Tesco, Barclays and BP offer useful lessons about what to do (and what not to do) when disaster strikes: take things seriously and apologise. It is also best to start off with a stock of goodwill.
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