Italy moved with alarming speed from the fringe of the European Union’s financial crisis to its very centre as efforts to prevent the debt contagion from spreading beyond Greece, Ireland and Portugal failed, even threatening to engulf the United States.
Plunging prices for trading in Italian debt presented Brussels with a nightmare scenario: The potential bailout of the third-largest economy in the euro zone could be unaffordable and could result in the destruction of the common currency.
The spread to Italy is disturbing evidence that even the largest economies, none of which seemed to share any of the worst economic traits of Greece, are not immune from investors’ fears that debt loads are simply becoming too big to be paid off. Waning growth in the Western world is only intensifying the belief that debt defaults may be inevitable, a potentially catastrophic scenario that would slaughter the banks and cut off the credit required to keep companies functioning.
The Globe and Mail
http://www.theglobeandmail.com/news/world/europe/italy-races-to-forefront-of-europe-debt-crisis/article2094070/?utm_medium=Feeds%3A%20RSS%2FAtom&utm_source=Report%20On%20Business&utm_content=2094070
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Plunging prices for trading in Italian debt presented Brussels with a nightmare scenario: The potential bailout of the third-largest economy in the euro zone could be unaffordable and could result in the destruction of the common currency.
The spread to Italy is disturbing evidence that even the largest economies, none of which seemed to share any of the worst economic traits of Greece, are not immune from investors’ fears that debt loads are simply becoming too big to be paid off. Waning growth in the Western world is only intensifying the belief that debt defaults may be inevitable, a potentially catastrophic scenario that would slaughter the banks and cut off the credit required to keep companies functioning.
The Globe and Mail
http://www.theglobeandmail.com/news/world/europe/italy-races-to-forefront-of-europe-debt-crisis/article2094070/?utm_medium=Feeds%3A%20RSS%2FAtom&utm_source=Report%20On%20Business&utm_content=2094070
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