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Posted by Richard Tuesday, December 20, 2011

The European Central Bank has warned the eurozone debt crisis could spread to engulf further member states, creating risks to financial stability that could reverberate around the world, says the Financial Times.

And from The Guardian, the eurozone debt crisis is set to spread and deepen next year, senior central bankers warned on Monday as Britain refused to contribute to the latest International Monetary Fund (IMF) bailout fund for distressed states.

But, speaking during testimony to the EU, ECB President Mario Draghi praised EU efforts to forge a new "fiscal compact" as a solid base for responding to the crisis, and called the euro an "irreversible" project. "I have no doubt whatsoever about the strength of the euro, about its permanence, about its irreversibility", he says.

I can't stand it. How much more of this does a chap have to take?

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