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Italian Premier Mario Monti attends a debate Thursday at the lower chamber in Rome. Monti says he would support a new tax on financial transactions so long as it applies to the European Union as a whole.

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S&P cuts credit ratings for France, Italy, Spain

Ratings agency Standard & Poor’s dealt a setback Friday to Europe’s ability to fight off a worsening debt crisis by downgrading the government debt of France, Italy, Spain and Austria.

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