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Merkel tells Greece to back cuts or face euro exit

Greece may be forced to leave the euro if the country refuses to implement spending cuts agreed with the European Union, Angela Merkel warned. “I believe it’s better for the Greeks to stay in the euro area, but that also requires that we set out a path on which Greece gets back on its feet step by step,” said the chancellor. Photo: AFP tag –> By Robert Winnett, David Blair and Bruno Waterfield 10:00PM BST 14 May 2012 Comments Raising the spectre of a Greek exit, the German chancellor said “solidarity for the euro” was threatened by the ongoing political crisis in Athens. Stock markets around the world fell sharply with fears mounting that a euro break-up could lead to…