Italy Financial Crisis


a television crew stands outside the Stock exchange building in Milan, Italy, Monday, July 18, 2011. Worries that Europe’s debt crisis will spread to Italy and Spain weighed on markets Monday after stress tests into the continent’s banks failed to ease tensions ahead of an emergency meeting of EU leaders. In early trading, most of Europe’s main stock markets were sharply lower, with bank shares hit particularly hard, while the euro fell 0.6 percent to $1.4036. In a sign that contagion fears have not been allayed by last week’s European bank stress test results, yields on Italian and Spanish bonds ratcheted up further. The rate on ten-year Italian bonds spiked up 0.19 percentage point to 5.88 percent, while the Spanish equivalent rose 0.18 percentage point to 6.26 percent. (AP Photo/Luca Bruno)

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