Next 10 Days Are Crucial For European Leaders In Resolving The Debt Crisis
The next 10 days are a critical period to “complete and conclude the crisis response of the European Union,” said Economic and Monetary Affairs Commissioner Olli Rehn at a meeting of EU finance ministers Wednesday.
The ministers agreed Tuesday to leverage the European Financial Stability Mechanism, but could not say by how much because of rapidly worsening market conditions, Reuters reports.
Bond yields in Italy and Spain continue to climb, the euro weakened further and stocks fell after Standard & Poor’s downgraded some of the world’s leading banks Tuesday.
“We are now looking at a true financial crisis … a broad-based disruption in financial markets,” said Christian Noyer, France’s central bank governor and a governing council member of the European Central Bank.