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National Bank of Greece SA

Greece debt crisis puts euro, European Union in peril

Greece debt crisis puts euro, European Union in peril

As the Greek debt drama hurtles toward a nail-biting climax, fears are mounting that the outcome could sink not just Greece but also the euro and the idea of the European Union itself. Athens is dangerously close to bankruptcy after days of fruitless negotiations with international lenders over a new bailout package to keep it afloat. A Greek collapse could leave European leaders scrambling to prevent turmoil from spreading to other vulnerable Eurozone countries such as Italy and Portugal. On Sunday night, Greek officials announced that Greece’s ailing banks would be closed to prevent a further hemorrhage of cash from the financial system, after the pullout of billions of euros...

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