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Euro zone leaders struck a last minute deal on Thursday that will see banks and insurers take a 50-percent haircut on Greek debt holdings. But Greg Peterson, Director of Research at Ballentine Partners, tells BNN that economic concerns in both China and the U.S. will remain a threat to the global economy.
"If there is global slowing, [China's] export machine -- which has been driving their growth for the past 30 years -- will be significantly impacted," he tells BNN.
"In the U.S. we have the super committee coming in with their recommendation…and then congress has to vote on it…both of these are going to be brinkmanship situations," he adds.