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Report: France & Germany Begin Talks To Break Up Eurozone

Posted By admin On November 10, 2011 @ 4:06 am In Featured Stories,Tile | Comments Disabled

European debt crisis spiralling out of control

Larry Elliott, Heather Stewart and John Hooper
London Guardian [1]
November 10, 2011

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.

Full article here [1]

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URLs in this post:

[1] London Guardian: http://www.guardian.co.uk/business/2011/nov/09/european-debt-crisis-eurozone-breakup

[2] Merkel Economic Advisor Does Not Exclude Eurozone Break Up: http://www.prisonplanet.com/merkel-economic-advisor-does-not-exclude-eurozone-break-up.html

[3] Germany, France May Hurt AAA Ratings in ‘Ponzi Game’: http://www.prisonplanet.com/germany-france-may-hurt-aaa-ratings-in-%e2%80%98ponzi-game%e2%80%99.html

[4] France & Germany: Save euro with one EU government: http://www.prisonplanet.com/france-germany-save-euro-with-one-eu-government.html

[5] Eurozone back on the brink as France has credit rating downgraded: http://www.prisonplanet.com/sp-downgrade-of-france-others-imminent-reports.html

[6] World leaders in crisis talks and central banks poised to act as fears over Greek election leave euro teetering on brink: http://www.prisonplanet.com/world-leaders-in-crisis-talks-and-central-banks-poised-to-act-as-fears-over-greek-election-leave-euro-teetering-on-brink.html

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