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News Link • Economy - International

World stocks drop as Greek debt crisis intensifies


Greece has returned to the forefront of investors' concerns this week with a vengeance, barely two weeks after the EU finally agreed to a backstop bailout mechanism for the debt-laden country, that would also involve the International Monetary Fund.

"With or without support from the EU the bottom line remains that after years of fiscal mismanagement the market has little confidence that Greece can swallow the necessity austerity measures and slash its budget deficit," said Jane Foley, research director at

"Investors continue to demand a growing risk premium to hold Greek paper and the government cannot afford to issue at these levels and simultaneously meet its deficit cutting targets," said Foley.

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