EU under pressure to stem spiraling debt crisis

August 5, 2011 17:17

BRUSSELS/FRANKFURT - European leaders came under heavy pressure on Friday to take decisive action to stem a spiraling debt crisis while robust US jobs data brought some relief to battered world markets.

Fears of US recession and the spreading euro zone crisis has wiped $2.5 trillion off world stocks this week.

Better than expected US jobs growth in July helped Wall Street open higher, gaining back at least some of the previous session's sharp losses, but the Dow Jones Industrial Average soon subsided to stand flat on the day.

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