European stock markets fell heavily on Monday, weighed down by fears that the eurozone's debt crisis was spreading.
In Italy shares were down almost 4%, in France the Cac index fell 2.7%, Germany's Dax fell 2.3%, and London's FTSE 100 was down 1%.
Banks across Europe were hit hard, with Italy's Unicredit down 6.3%.
Eurozone finance ministers were holding talks on a new aid plan for Greece, but this was overshadowed by fears of contagion spreading to Italy and Spain.
The euro fell, while borrowing costs for Spain and Italy rose to a 12-year euro-era high.
"There are tensions across the eurozone, we must find a solution," Belgian minister Didier Reynders said to reporters on arrival at the finance ministers' meeting.
Ministers are discussing how, and by how much, banks and other financial institutions can contribute to a new rescue package for Greece.
Spanish Prime Minister Jose Luis Rodriguez Zapatero called for a "swift and precise clarification" of how a second bail-out for Greece might work.
German Chancellor Angela Merkel also urged speedy action on new aid for Greece, and added that Italy needs to send a "very important signal" by passing an austerity budget.
Italy's Finance Minister Giulio Tremonti has proposed 48bn euros ($67bn; £42bn) in budget cuts over three years and aims to cut the deficit to zero by 2014 from this year's 3.9% of gross domestic product.
However, financial markets were unsettled by remarks from Prime Minister Silvio Berlusconi, who indicated in a newspaper interview that the austerity plan might not have full cabinet support.
In a sign that investors are growing more risk averse, the yield on Italian 10-year bonds jumped to 5.6% from 5.3%. Meanwhile, yields on Spanish 10-year bonds rose to 5.9% from 5.7%.
Monday, 11 July 2011
Subscribe to:
Post Comments (Atom)
Youm7.com News
Error loading feed.
Freemasons الماسونيه
BBCArabic.com | الرئيسية
- قصة المصري الوحيد المُتوج ببطولة ويمبلدون - 7/12/2025
- ماذا نعرف عن الصندوق الأسود الموجود في الطائرة؟ - 7/12/2025
- "خطة إسرائيل لرفح ستكون جريمة، والقانون الدولي لا يحمي غزة" – مقال رأي في الغارديان - 7/12/2025
- ماذا يحدث لقلبك عند المبالغة في التمارين الرياضية؟ - 7/12/2025
- ماذا ستجد داخل مقبرة فيينّا غير بيتهوفن و شوبرت؟ - 7/12/2025
Masrawy News أخبار مصر السياسية
- تنظيم الاتصالات: استعادة 99% من خدمات الإنترنت المنزلي -
- الانتهاء من تركيب المستوى الثالث لوعاء احتواء مفاعل الوحدة الثانية بمحطة الضبعة النووية -
- طارق فهمي: مصر تقود وساطة فعّالة لتثبيت هدنة في غزة وسط تعقيدات إسرائيلية -
- مجدي الجلاد: المواجهات الكبرى المقبلة ستكون بين تحالفات عالمية وليس حروبًا ثنائية -
- حريق سنترال رمسيس وقانوني الرياضة والتعليم.. ننشر حصاد وزارة الشؤون النيابية في أسبوع -
No comments:
Post a Comment