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I just spent 10 days on vacation in Italy, and besides the amazing ruins, breathtaking art, delicious food, fabulous wine and exotic locales (Venice is like being in another world!), I was treated to a daily dose of frenzy in the local media about Europe’s public-debt crisis.

Greece was the latest troubled nation in the spotlight as European leaders raced to strike a sovereign debt-relief deal to stave off an outright default that could reverberate not only throughout the continent, but around the world.

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