The debt crisis in Europe is spreading to largermSouth European economies, and now is entering a new and much more dangerous phase. It will further damage the fiscal stability of core eurozone
　　countries. In the meantime, the crisis has started to take a toll on Europe’s banking industry. Possibilities of a systemic financial crisis, sovereign debt default and a euro-zone
　　collapse are increasing. European integrationcurrently faces the toughest challenge in the past five decades. And the solidarity of EU members has been put to the test.

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