The storm is not over

Published on 26 July 2011 at 11:39

Cover

“Markets down, banks under attack”, headlines La Repubblica. The downgrading of Greek debt by Moody's and “the American impasse between Democrats and Republicans has affected the markets, dragged down by bank shares”, writes the Italian daily. “Spain and, above all, Italy were caught in yesterday’s storm”. Milan was the worst-hit stock market in Europe, down 2.48 per cent at closing. Banks in Italy and Spain also plummeted: Italy’s biggest bank Intesa San Paolo fell 8.33 per cent after rating agency Moody’s decided to rate the Greek deal a default. “The big fear is not over”, comments La Repubblica, “and worse, the yield spread between Italian 10-year bonds and German bunds widened to 280 points, underlining that Italy is less reliable than before”.

Tags

Was this article useful? If so we are delighted!

It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans.

Discover our subscription offers and their exclusive benefits and become a member of our community now!

Are you a news organisation, a business, an association or a foundation? Check out our bespoke editorial and translation services.

Support independent European journalism

European democracy needs independent media. Join our community!

On the same topic