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In an article published by German business newspaper Handelsblatt, Joseph Stiglitz wrote that in 2013 "the real risk for the global economy lies in Europe".
According to the American Nobel prize for economics winner, it is the financial difficulties in Greece and Spain, which threaten to drag Europe into a spiral of recession.
The measures adopted by the EU, such as the fiscal compact and buy-back of government bonds by the ECB are "not a solution" but simply a "temporary palliative".
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