Thursday’s EU emergency summit on debt-stricken Greece and the risks it poses to the euro ended with a show of unity. But Germany’s refusal to join a swift bailout has since led to bitter recriminations, with the Greek prime minister George Papandreou blaming Europe’s lack of united support for reinforcing anxieties in the market. These fears could also threaten other heavily indebted countries in the Euro zone, triggering a wave of defaults across Europe and North America which could endanger a global recovery. What happens in Athens could yet decide the economic fate of the West and the rest.
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