The recently published bi-annual economic forecast report from the Organisation for Economic Cooperation and Development (OECD) revealed that the United States and others must "be prepared to face the worst" as Europe slides toward another recession. In the rather bleak picture in painted, it stated that “the euro area crisis remains the key risk to the world economy”.

One of the problems pinpointed to the outlook is the failure by EU leaders to contain the debt cri...

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