"By Paolo Biondi and Barry Moody
ROME | Mon Nov 7, 2011 5:17pm EST
(Reuters) - Prime Minister Silvio Berlusconi defied huge pressure to resign on Monday, desperately playing his last cards to save his crumbling government as fears over Italy's instability hit markets across Europe.
Berlusconi denied reports by journalists close to him that he would resign within hours, immediately reversing a brief recovery in stock and government bond markets battered by political uncertainty in the euro zone's third economy.
Yields on Italy's 10-year bonds hit 6.67 percent, their highest level since 1997, at one point on Monday, close to the 7 percent level seen as unsustainable for Italy's huge debt, one of the world's highest. European stocks were also hit by the turmoil."
ROME | Mon Nov 7, 2011 5:17pm EST
(Reuters) - Prime Minister Silvio Berlusconi defied huge pressure to resign on Monday, desperately playing his last cards to save his crumbling government as fears over Italy's instability hit markets across Europe.
Berlusconi denied reports by journalists close to him that he would resign within hours, immediately reversing a brief recovery in stock and government bond markets battered by political uncertainty in the euro zone's third economy.
Yields on Italy's 10-year bonds hit 6.67 percent, their highest level since 1997, at one point on Monday, close to the 7 percent level seen as unsustainable for Italy's huge debt, one of the world's highest. European stocks were also hit by the turmoil."
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