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Because this is Europe's Lehman weekend. Those who think that contagion is not an issue anymore may be in for a surprise. In combination with this week's record plunge at Shanghai Stock Exchange and a general slowdown of the world economy this could spiral out of control fairly quickly.

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The eurogroup statement was signed by everyone except greece. Even cyprus, a "sister" country of ethnic greeks signed it. Greece stands more isolated than ever now. What contagion are you talking about?

I think he means contagion in the sense of "economic contagion". If Greece will fail to pay his debts there will be heavy consequences in the whole euro-zone for sure, and even in the rest of the world. Italy/Germany/France are all at risk to directly lose (as in "no one can give me them back") around 50 billions each for example

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