""We have in front of us a global crisis of sovereign risk and we [the eurozone] are the epicenter of this global crisis," he said. He added that the current situation was more precarious than when Lehman Brothers collapsed and sent the economy into a global tailspin in late 2008, as there was no longer the belief in markets that key countries would not default on their debts. "Signs of stress are evident in many European government bond markets". he added (Gasp! - a revelation for us all).

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