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Greece's potential exit from the eurozone and the possibility of economic collapse has been averted -- for now.
The IMF has warned sovereign debt woes in Greece and other weak eurozone countries are putting the global economic recovery at risk.
The euro has plunged to its lowest level since April 2006 in volatile Tokyo trade, as persistent fears over eurozone debt continued to hammer the single currency.
Australian shares and dollar come under pressure, amid political uncertainty in Italy and the eurozone.
Greece has reacted with measured relief after European leaders sealed a deal to contain the eurozone debt crisis slashing the country's huge debt by nearly a third.
Most analysts believe Germany's economic weak spell will prove short-lived and that recovery will regain momentum in coming months.
The eurozone needs a quantum leap toward economic integration, the incoming chief of the European Central Bank says.
RICARDO'S BUSINESS: European bankers talk publicly for the first time about the possibility of Greece leaving the Eurozone.
The German parliament approved an international bailout package for stricken eurozone member Cyprus by a large majority on Thursday.
Moody's has cut Belgium's credit rating by two notches, citing tough conditions for in-debt European countries to borrow with little chance of a quick end to the eurozone crisis.
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