June 17, 2011

Worries Grow About Breadth of Debt Crisis

Graham Bowley, New York Times

AP Photo

The tumult in the European monetary zone is spreading concern among investors of a broader crisis in financial markets from Ireland to Spain.

The worry is that the worst case, a Greek debt default, would lead to damaging losses for European banks and spur a global panic, replaying the events of September 2008. Then, investors fled all but the safest government debt, unloading everything from corporate bonds to American and emerging country stocks. Global markets froze.

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Related Topics: Germany, Spain, Ireland, France, Nicolas Sarkozy, Angela Merkel, President , chancellor


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