Europe's sovereign-debt crisis is seen as threat to global recovery

A global economic recovery is being put at risk by possible sovereign-debt defaults by Greece, Spain, Portugal and other European countries. "The question now is, how big is this fire going to be?" said Uri Landesman, ING's head of global growth. "What is panic, and what is legitimate? We don't know at this point." France and Germany, the eurozone's two biggest economies, have returned to growth, but many others in the region remain stuck in a slump and are borrowing to finance their budget deficit.

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