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Emerging nations are no longer expanding strongly enough to buoy economy worldwide.
Citi now sees 3.8% global growth this year, 3.3% in 2012.
Failure to solve regions banking crisis returns to haunt markets.
Some members may leave currency union amid financial turmoil.
German, French leaders rule out issuing euro bonds or expanding the bailout fund.
Bondholders will foot part of the bill in new deal to stem Europe’s debt crisis.