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    Alarm Grows Over Euro Zone Woes

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    As Italian yields soar and Greece faces bankruptcy, concerns about the ailing economies of the eurozone mount. German Chancellor Angela Merkel meets her Finnish counterpart to discuss Greece's second bailout package.

    German Chancellor Angela Merkel met with Finland’s Prime Minister on Tuesday to discuss Greece's second bailout package.

    Finland is demanding collateral in exchange for committing to a new loan for Greece, which will otherwise run out of cash next month.

    Merkel expressed confidence a solution would be found.

    [Angela Merkel, German Chancellor]:"
    I believe that all of us want to and will find a path, a way forward that is open to all partners but is still in line with the Finnish wishes. Our experts are currently working on this.”

    Merkel says that every decision related to the debt crisis must be carefully considered.

    [Angela Merkel, German Chancellor]:
    "And we have to always consider that everything we do is controlled, that we know the consequences, because otherwise we can very quickly get a situation in the euro zone that we do not want and which will have very difficult consequences for all of us."

    Protesters hit the streets of Athens again on Tuesday over the government's austerity measures.

    Meanwhile markets are also piling pressure on Italy.

    A closely watched auction of the country's debt on Tuesday saw the highest yields since joining the euro in 1999, giving no assurance Rome will be able to fund itself normally any time soon.

    The European Council President says Italy's reforms are important for the entire euro zone.

    [Herman van Rompuy, European Council President]:
    "We also discussed the measures the Italian government will soon implement to reinforce economic growth and assure the sustainability of public debt in the future...