"Europe fears for Italy," leads the Financial Times Deutschland as the bloc’s 27 member states hold an emergency meeting in Brussels on Monday July 11. Since the end of last week Italy has been targeted by the markets, and the costs of borrowing in the sovereign debt market are hitting record levels. According to a senior diplomat quoted in the Hamburg daily, EU finance commissioner Olli Rehn is "extremely concerned about the development of the situation in Italy" and is calling for "a comprehensive solution at last to save us from having to deal with one country after another." According to the Berlin daily Die Welt, the European Central Bank is suggesting expanding the European rescue mechanism to 1,500 billion euros. The FTD notes in its editorial that, yet again, quick action is needed. "So far, the rescue strategy has been address the concerns of small European states to avoid another shock. But a collapse of Italy would expose this as mere window dressing."
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