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Italy collapse would be the ‘end of the euro’

Posted By aaron On November 25, 2011 @ 11:30 am In Old Infowars Posts Style,World News | Comments Disabled

RTE News
November 25, 2011

Italy had to pay record rates to raise €10bn this morning, while France and Germany warn that a blow-out in its giant debt mountain would signal “the end of the euro.”

Meanwhile, EU Economic and Monetary Affairs Commissioner Olli Rehn has upped the pressure on Italian Prime Minister Mario Monti’s new government, calling for “an ambitious timeline” on economic reforms.

“Italy is faced with formidable challenges,” Mr Rehn told Italian lawmakers during a visit to Rome.

[...]

In its bond auction, Italy was forced to pay a rate of 6.504% on bonds due in six months and 7.814% on bonds due in two years – dangerous levels that analysts say could drive Italy insolvent within months.

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“Awful” Italy debt sale heightens euro zone stress

Reuters
November 25, 2011

Italy paid a record 6.5 percent to borrow money over six months on Friday and its longer-term funding costs soared far above levels seen as sustainable for public finances, raising the pressure on Rome’s new emergency government.

The auction yield on the six-month paper almost doubled compared to a month earlier, capping a week in which a German bond auction came close to failing and the leaders of Germany, France and Italy failed to make progress on crisis resolution measures.

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