Markets are hoping the central banks and world leaders will act decisively to halt the slide in global markets. Berlin Fears Eurozone Cannot Rescue Italian Economy -- Deutche Welle
German officials fear Europe may be unable to fund a rescue package for Italy, should Rome need it, a German news magazine reports. Not even tripling the EU's bailout fund would be enough to rescue the Italian economy.
Fears are growing in Berlin that Italy's economy may be too big to be rescued by the European stability fund, German news magazine Der Spiegel reported on Sunday.
According to a report published in the German weekly, Italy's financial needs are so great that a rescue package would most likely eclipse the capacity of the European emergency fund, even if it was tripled in size.
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My Comment: The European Central Bank is acting to quell this debt crisis .... purchasing bonds to shore up both Italy and Spain and avoid a "financial disaster" (WNU Editor: Their words, not mine).
Unfortunately .... I believe that the Daily Telegraph's chief political commentator Peter Oborne is correct when he states .... In this grave crisis, the world's leaders are terrifyingly out of their depth.
WNU Editor: If you want to know what is happening in the Pre-Markets, as well as the Asian-European markets .... go here.