While Washington is gripped in an agonizing and potentially lethal game of chicken over the U.S. debt ceiling, the risk of sovereign defaults still remains much higher across the pond, in Europe. Sure, Europe's leaders are probably feeling good about themselves after finally cobbling together a second bailout of beleaguered Greece last week. They also made some important changes to their approach to the debt crisis that give the euro zone a bit more ammunition to combat the contagion spreading to its weaker members, especially Spain and Italy.
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