07/19/2011 05:56 pm ET Updated Sep 18, 2011

Schuman: Can Sovereign Defaults Tank The Global Economy?

Investors are running for the hills these days, shaken to the core by fears that sovereign defaults will roil global markets and derail the shaky recovery. They have a lot to worry about. European leaders will gather for an emergency meeting on Thursday to try to finally hammer out an agreement on a second bailout of tottering Greece – a package very likely to include some sort of de facto default. Contagion threatens to drag other euro zone economies into a similar state.

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