Guardian
Fears that Europe’s sovereign debt crisis was spiralling out of control have intensified as political chaos in Athens and Rome, and looming recession, created panic on world markets.
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Fears that Europe’s sovereign debt crisis was spiralling out of control have intensified as political chaos in Athens and Rome, and looming recession, created panic on world markets.
Reports emerging from Brussels said that Germany and France had begun
preliminary talks on a break-up of the eurozone, amid fears that Italy
would be too big to rescue.
Despite Silvio Berlusconi’s announcement that he would step down as
prime minister once austerity measures were pushed through parliament, a
collapse of investor confidence in the eurozone’s third-biggest economy
sent interest rates in Italy to the levels that triggered bailouts in
Portugal, Greece and Ireland.
Italian bond yields surged through the critical 7% mark, at one point
hitting 7.5%, amid concern that the deteriorating situation had moved
the crisis into a dangerous new phase.
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