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IMPLOSION UPDATE #5: WORLD BANK HEAD WARNS EUROPE HEADING FOR DANGER ZONE: “Far from clear leaders ready for impending catastrophe”

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“The head of the World Bank yesterday warned that financial markets face a rerun of the Great Panic of 2008,” reports the U.K. Daily Mail. “On the bleakest day for the global economy this year,  Robert Zoellick said crisis-torn Europe was heading for the ‘danger zone’. Mr Zoellick, who stands down at the end of the month after five years in charge of the watchdog, said it was ‘far from clear that eurozone leaders have steeled themselves’ for the looming catastrophe amid fears of a Greek exit from the single currency and meltdown in Spain. The flow of money into so-called ‘safe havens’ such as UK, German and US government debt turned into a stampede yesterday….He said: ‘Events in Greece could trigger financial fright in Spain, Italy and across the eurozone. The summer of 2012 offers an eerie echo of 2008….If Greece leaves the eurozone, the contagion is impossible to predict, just as Lehman had unexpected consequences.’”

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