Stock Markets Spooked By More Eurozone Debt Fears

12 July 2011 - Which Way to Pay

    



Stock Markets Spooked By More Eurozone Debt Fears

The recent debt crises in Greece, Portugal and the Republic of Ireland, which led to an International Monetary Fund (IMF) and EU bail-out may be spreading to Italy and Spain. These fears over the continuing debt crisis have affected early trading, shares falling throughout Europe. France’s Cac went down 1.7%, our FTSE 100 dropping 1%, Germany’s Dax fell 1.6%, and the most worrying was Italy’s main index plummeting by 4%. The eurozone finance ministers announced yesterday that they are seriously considering new measures to contain the crisis. The euro also fell earlier today to the lowest rate against the dollar in 4 months at $1.3958.

European finance ministers will also look into ways of decreasing the interest rates of the loans that Greece, Portugal and the Republic of Ireland have taken, and even into lengthening their maturities. This was announced following an 8 hour meeting in Brussels. Other topics covered in the talks included how a new Greece rescue package could be enhanced by contributions from banks and other financial institutions.

Huge cuts have been proposed by Giulio Tremonti, the Italian Finance Minister, in order to minimise its public deficit. The proposed initial figure is €48 billion for budget cuts over the next 3 years; this aims to reduce the deficit to zero by 1014, this year the deficit was 3.9% of the GDP.

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