In addition to Spain, investors remain focused on Greece's election next month, which could determine whether the Mediterranean nation stays in the euro zone.

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The EU's Mediterranean initiative was launched in 1995 with the goal of establishing a free trade zone in 2010.

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In Europe, euro-zone finance officials and Greek political leaders agreed on a new bailout and debt restructuring for the Mediterranean country.

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It may or may not become possible when the fighting is over to devise an international zone between Egypt and Israel which might serve as a secure additional route between the Red Sea and the Mediterranean.

ECONOMIST: Splenetic Isolation | The