EU leaders hold emergency talks as Greece prepares for pivotal election

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EU leaders hold emergency talks as Greece prepares for pivotal election

Guardian – European leaders are seeking to calm fears that the Greek election would trigger a Lehman Brothers-style run on eurozone banks after polls showed the leftist Syriza group could deny pro-austerity parties overall control in Sunday’s election. David Cameron joined the German chancellor, Angela Merkel, and the French president, François Hollande, in emergency talks to prepare for the aftermath of a vote that the historian Niall Ferguson warned was “the financial equivalent of the Cuban missile crisis”. Stock markets are expected to fall when they open on Monday if voters fail to produce a clear result, as happened in May. Leaders also fear a mass withdrawal of bank savings, forcing governments to launch expensive rescue bids for vulnerable banks or risk a destabilising collapse. Read article

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