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EU Pushes to Solve Debt Woes as Merkel Damps Expectations

European leaders started the 13th crisis summit in 21 months seeking a breakthrough over how to stamp out the Greece-led debt shock that threatens to tip the world into a recession.

Chancellor Angela Merkel of Germany, Europe’s dominant economy, played down the odds of an agreement today to beef up the euro bailout fund, cut Greece’s debt without triggering a default, shield banks from the fallout and insulate Italy and Spain from the turmoil.