Merkel: Europe’s Fate at Stake if Greek Debt Crisis Isn’t Contained

Euro zone lawmakers and the head of the IMF warned of looming financial contagion on Wednesday unless a euro-group debt crisis is stopped in Greece, as nervous investors fled to the safety of the greenback.

Reuters : “We’re at a fork in the road,” Merkel said in a debate on approving Berlin’s 22 billion euro contribution to the emergency loans for Athens despite hostility among the German public. Without the aid, a chain reaction threatened to destabilise the European and international financial system, she said.

Meanwhile, the situation in Greece keeps deteriorating. Thousands of Greek strikers marched again against austerity measures Wednesday, clashing with police in the Greek capital. Three people were killed and at least two buildings were set on fire, while protesters set up burning barricades in the streets.

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