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A terrible night for Germany

Jun 29 2012  First Germany lost to Italy in the football, then Chancellor Angela Merkel backed down on two key points at the EU summit. Markets rallied at the news that bailout loans to Spain will no longer be senior to private bondholders and a banking union will start as soon as regulation is moved to the ECB. But investment editor James Mackintosh explains why this is not a complete solution.  (4m 23sec)
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Produced by Daniel Garrahan. Filmed by James MacDonald
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