Thursday, 29 April 2010

Who's next? Greece debt crisis fuels worries of new global contagion

The debt troubles in Greece are intensifying and, even more dangerous, spreading fear across Europe and beyond.

That is triggering talk of a potential global contagion, similar to what happened after the investment bank Lehman Brothers collapsed in 2008, setting off the worst financial crisis in the United States since the 1930s and contributing to a deep global recession.

"Greece as an economy is tiny but the danger is contagion and market panic," said David Wyss, chief economist at Standard & Poor's in New York. Read more...


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