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At the height of the debt crisis last winter, the eurozone – led by German Chancellor Angela Merkel – proposed a so-called "fiscal pact" that would tie member countries to strict fiscal and deficit targets. But, as many economists had predicted, austerity has dragged down already fragile economies and, as economic output shrinks, the debt burden actually looks worse. (Associated Press)

At the height of the debt crisis last winter, the eurozone – led by German Chancellor Angela Merkel – proposed a so-called "fiscal pact" that would tie member countries to strict fiscal and deficit targets. But, as many economists had predicted, austerity has dragged down already fragile economies and, as economic output shrinks, the debt burden actually looks worse. (Associated Press)

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