Its role in the world economy is akin to that of the US, so major fraud of any kind could conceivable have ramifications outside its borders.

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When the cyclical recovery does come, it is conceivable that it will be the euro zone that is able to exploit its improved productivity and increased competitiveness to grow in line with its potential.

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It now seems conceivable that Spain is drifting towards a two year contraction of 7-10% of its mobile subscriber base.

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It is conceivable that the economy will avoid recession for the next 12 months but only by the skin of its teeth.

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