06/29/2010 05:12 am ET Updated May 25, 2011

Can Europe Save Itself?

When Jean-Claude Trichet (head of the European Central Bank) and Dominique Strauss-Kahn (head of the International Monetary Fund) rushed to Berlin this week to meet Chancellor Angela Merkel and the German Parliament, the moment was eerily reminiscent of September 2008 -- when then-Treasury Secretary Henry Paulson stormed up to the United States Congress, demanding for $700 billion in relief for the largest American banks.

Remember the aftermath of that debacle? Despite the Treasury argument that this would be enough, much more money was eventually needed, and Mr. Paulson left office a few months later under a cloud.

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