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World leaders fear contagion, the final act in financial crises

The fear of unsustainable debt levels has spread from Greece, first to Spain and Portugal, then to Italy and now to France, Austria, even Finland. Investors who had been pleased to put their money into dodgy assets now fear everything but the very safest. In the old days, they fled to gold. Today, the equivalent of gold is German bonds. Private investors are selling everything else. There are few buyers beside governments and the European Central…

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