European Central Bank Warns Of A Tough Year Ahead For The Region Hot

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The market for European bonds has dried up at the same time governments and corporations have unusually high financing needs, the New York Times reports.

While the ECB believes the EU will remain together and the euro will survive, EU governments are not contributing as much funding as needed to the region’s bailout effort, the ECB warned.

“The transmission of tensions among sovereigns, across banks and between the two intensified to take on systemic crisis proportions not witnessed since the collapse of Lehman Brothers three years ago,” the report says.

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