Italian money a main concern for EU

  • 13 years ago
  • Uncategorized

<p class=”MsoNormal”>After last week’s summit deal, the EU’s main concern is
<a href=””>Italian money</a>, as the country’s borrowing costs continue to increase.</p>
<p class=”MsoNormal”>As a result, the OECD has reduced its forecasted growth
within the eurozone from 2 per cent to 0.3 per cent, as the EU anticipates a
recession during the coming months. </p>
<p class=”MsoNormal”>The ECB’s new president Mario Draghi has received requests
to cut interest rates for Italy and Spain, but the latest EU bail-out fund (the
EFSF) was agreed to be increased to €1.2 trillion only if central bank to
reduce its supporting role.</p>
<p class=”MsoNormal”>”We are deeply skeptical that the Eurozone crisis has
been resolved,” JP Morgan told <a href=””>The Telegraph</a> this week, while italy’s
unemployment and deficit are both on the up again. </p>
<p class=”MsoNormal”>But the EU is being distracted by another country’s crisis. </p>
<p class=”MsoNormal”>Greece has <a href=”″>announced a national referendum</a> this week, which
will decide if the country accepts the bail-out deal or not, raising fears that
the agreed plan may not be put into action soon enough. <span style=”mso-spacerun:yes”></span><a href=””>Italian money</a> is a main concern for the bail-out,
but with the Greek debate delaying the financial rescue, Italy may have to wait
even longer to begin its economic recovery.</p>
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