The possibility of a major default continuesto hover overthe EU. Greece, Portugal andIreland have al-ready been bailed out. Due to sustained uncer-taintyinthe markets, the borrowing costs of Italy, which has the largest sovereign debt of allthe European countries, and Spain haveincreased con-siderably. This has led to fears that without sufficient cashto meettheir debt obliga-tions, the two countries might be trapped in a downward economic spiral.
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