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Euro debacle staggers on

January 16, 2012

“The eurozone has fallen into a spiral of downgrades, falling economic output, rising debt and further downgrades. A recession has just started. [Jim’s emphasis] Greece is now likely to default on most of its debts and may even have to leave the eurozone. When that happens, the spotlight will fall immediately on Portugal, and the next contagious round of downgrades will begin.” – Financial Times  http://on.ft.com/Axi1AS

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