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You're reading: Despite debt deal, Europe may slide into recession (updated)
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The deal European leaders reached last week to defuse the continent’s debt crisis was thrown into turmoil Tuesday by the Greek prime minister’s surprise move to call a referendum on Greece’s latest rescue package. If voters reject the package, Europe could face a potentially devastating Greek default on its debt.

Stock markets plunged around the world, particularly in Europe.

Even if the debt agreement leads to a long-term solution to the crisis, the pact does nothing about other threats to Europe’s economy: deep cuts by over-indebted governments, high unemployment, stingier bank lending and declining exports.

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