Europe's leaders race to slash bloated deficits

Leaders are slashing everything from hallowed state pension programs to green-energy projects amid a withering financial crisis.

BLOOMBERG
Angela Merkel, Germany's chancellor, says that the nearly $100 billion of budget cuts she has announced in Germany would not "slow down the global economy," as President Obama contends.

BLOOMBERG Angela Merkel, Germany's chancellor, says that the nearly $100 billion of budget cuts she has announced in Germany would not "slow down the global economy," as President Obama contends.

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