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The debate goes on whether the United States will fall into recession, but on the ground the bad news is that the credit crisis is spreading to new areas, threatening more losses and a reduction in credit to consumers and companies.
Auctions that will be used to settle credit derivatives triggered by the government takeover of Fannie Mae and Freddie Mac will be the largest the market has ever seen, likely involving hundreds of billions of dollars in contract volumes.
ATHENS, Greece (AP): Greece's private creditors agreed Friday to take cents on the euro in the biggest debt writedown in history, paving the way for an enormous second bailout for the country to keep Europe's economy from being dragged further into chaos.