The Organisation for Economic Co-operation and Development (OECD) said today that there was a risk that the European debt crisis will spiral and damage the world economy.
"The risk is increasing of a vicious circle, involving high and rising sovereign indebtedness, weak banking systems, excessive fiscal consolidation and lower growth," said OECD chief economist Pier Carlo Padoan in the OECD's half-year report.
This scenario "may materialise and spill over outside the euro area."
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