Tuesday 20 December 2011

E.C.B. Warns of Dangers Ahead for Euro Zone Economy

FRANKFURT — The European Central Bank warned Monday of a perilous year ahead as the sovereign debt crisis collides with slower economic growth and a dearth of market financing for banks. The dire prediction, contained in the E.C.B.’s twice-yearly report on the risks to the euro area financial system, came as E.U. governments fell short of their target to expand their backup plan for the euro by channeling more resources through the International Monetary Fund.
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