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Merkel tells Greece to back cuts or face euro exit - Telegraph
Raising the spectre of a Greek exit, the German chancellor said "solidarity for the euro" was threatened by the ongoing political crisis in Athens.
Stock markets around the world fell sharply with fears mounting that a euro break-up could lead to renewed financial turmoil. The FTSE-100 index of Britain's major companies fell by two per cent to 5465, with bank shares hit particularly hard.