Friday, May 18, 2012
By Alastair Jamieson, msnbc.com and Reuters
Spain and Italy will be the next victims of the European financial crisis if Greece crashes out of the euro currency zone, the head of the World Bank has warned.
Fears that Athens may be forced to issue registered warrants or return to its former currency, the drachma, have rattled global markets and alarmed world leaders, with Greece set to figure high on the agenda at the G8 summit in Camp David later this week.
A cabinet of professors and diplomats was sworn in Thursday, to steer the debt-ridden eurozone state into repeat elections on 17 June, the BBC reported.
 
 
Europe, US and the world brace for messy impact from Greece
The risk of the contagion spreading to bigger European economies that are vulnerable due to high debt or weak banks has sent stocks and commodities tumbling, and has driven Europe's single currency toward its lowest levels this year.