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The Changing Face of Global Risk

NEW YORK – The world’s economic, financial, and geopolitical risks are shifting. Some risks now have a lower probability – even if they are not fully extinguished. Others are becoming more likely and important.

A year or two ago, six main risks stood at center stage:

· A eurozone breakup (including a Greek exit and loss of access to capital markets for Italy and/or Spain).

· A fiscal crisis in the United States (owing to further political fights over the debt ceiling and another government shutdown).