NEW YORK — Europe took the financial world on a stomach-churning ride in 2011.
The rising threat of default by heavily indebted European countries spread fear across financial markets and weighed on economies worldwide. As the year came to a close, banks and investors nervously watched Europe’s political and financial leaders scramble to prevent the 17-nation eurozone from breaking apart.
Several of the other biggest business stories of the year highlighted the global economy’s linkages: A British phone-hacking scandal shook the foundations of Rupert Murdoch’s U.S.-based media empire; a nuclear disaster in Japan stymied auto plants in the U.S. and beyond; and the price of gasoline surged because of unrest in the Middle East and growing demand in Asia and Latin America.
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