Europe Leaders Seek to Alay Fears of Greek Default

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Once again, European leaders are trying to calm international market fears that Greece may default on its debts.

German Chancellor Angela Merkel is warning that a Greek default could spread throughout Europe.

She told Germany's RBB radio that policymakers' top priority is avoiding "uncontrolled insolvency" for the nation.

Merkel's comments come after warnings from President Obama that the world economy wouldn't rebound until the eurozone crisis was contained.

Some analysts say Europe could face a crisis similar to what the U.S. experienced in 2008. 

"Greece is obviously the biggest immediate problem. And they're taking some steps to slow the crisis but not solve the crisis," Obama said.

"The bigger problem is what happens in Spain and Italy if the markets keep making a run at those very big countries," he added.

The Financial Times reports that Italy has turned to China for help with its debt problems.

The Italian government is hoping Beijing will buy a significant amount of government bonds and investments in key Italian companies.

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