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Home | European debt: Expect more trouble |
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European debt: Expect more trouble
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- August 19, 2011
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The bailout agreement reached this summer to stop Europe's downward spiral did not even buy time for its sacrosanct August holidays. Within two weeks of the pact, a reluctant European Central Bank was forced to step into the breach and buy Italian and Spanish bonds to counter the market's assault. Leaders had agreed that Europe's bailout fund could buy sovereign bonds in such a situation, but the deal has not yet been ratified by national legislatures, and in any case the bailout fund doesn't have sufficient resources for the job. Inevitably, the focus turns to the country next on the firing line: France, the eurozone's second-largest economy. You can expect the period ahead to oscillate between stagnation and the specter of chaos.
- Read more at:http://rss.cnn.com/~r/rss/money_topstories/~3/m9cMYJzNFKc/
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