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Crisis Is Spreading to Europe's Core: Standard & Poor's

Thursday, 2 Aug 2012 | 6:20 AM ET

"All the recent indicators confirm that it is not just Italy, Spain and Portugal that are currently experiencing a severe contraction but also France, the Netherlands and even Germany is weakening so this is a general contagion that we are witnessing at this point in time," Jean-Michel Six, chief European economist at Standard and Poors, told CNBC.