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With no sign of a meaningful response, and, worse yet, no safe channel to get it done even if they wanted to, systemic risk in the eurozone continues to escalate.
Highlights
| European Manufacturing Contracts More Than Estimated |
| German Retail Sales Drop as Recession Damps Spending |
| Spanish Manufacturing Contracted at Record Pace in November |
| ECB to Cut Benchmark Rate 1/2 Point, Economists’ Survey Shows |
| EU’s Barroso Sees Right Conditions For ECB Rate Cut |
| Italy approves economic aid, boost for banks |
| European Government Bonds Gain on Signs Slump Is Deepening |
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