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According to the latest Strategic Comment from the International Institute for Strategic Studies, the financial and economic crisis afflicting the West for three years has entered a dangerous phase.

In Europe , sovereign-debt problems threaten the future of the euro as a common currency.  Meanwhile, latest indicators on both sides of the Atlantic suggest economies are sliding back into recession.

This could make debt burdens yet more unmanageable, adding to the risk of an emergency similar to that of 2008, when the Western banking system collapsed after the bursting of an American real-estate bubble. 

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