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Earlier this year, the consensus view among economists was that the United States would outstrip its advanced-economy rivals.IMF Chief Economist Maurice Obstfeld characterized recent developments in the global economy as a "firming recovery".A few days ago, Greece, the most battered of Europe's crisis countries, was able to tap global financial markets for the first time in years.Do recent positive developments in the advanced nations, which were at the epicenter of the global financial crisis of 2008, mean the brutal aftermath of that crisis is finally over?The post-crisis legacy was finally shaken off only several years later with the restoration of fiscal sustainability, debt write-offs under the so-called Brady Plan, and a variety of domestic structural reforms.The eurozone emerged from the financial crisis in 2008-09 with some economic momentum.Many of the economic problems created or exacerbated by the crisis remain unresolved.All of the advanced economies (to varying degrees) have significant legacy debts (public and private) from the excesses that set the stage for the financial crisis, as well as from the prolonged impact of the crisis on the real economy.
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