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0 Market “Thumbs Down” on the EU Bailout

The Market Oracle to Gold Prices — Tags:  

Barack Obama must have been very frightened, indeed. Otherwise he never would have inserted himself so forcefully into Greece’s debt crisis. The truth is, there’s much more at stake then people seem to realize. A Greek default would be a major blow to the banking system and the damage would not be limited just to Europe. It could easily spread to the United States and trigger another meltdown. That’s why Obama spent most of his weekend on the phone, exhorting EU finance ministers to take swift action to put out the brushfire. Not surprisingly, the details were omitted in the US. media. Here’s an excerpt from the UK Independent explaining what happened behind the scenes last weekend:

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