Map of Europe’s financial trouble
Eric Reguly writes Tuesday:
Italy moved with alarming speed from the fringe of the European Union’s financial crisis to its very centre as efforts to prevent the debt contagion from spreading beyond Greece, Ireland and Portugal failed, even threatening to engulf the United States.
Plunging prices for trading in Italian debt presented Brussels with a nightmare scenario: The potential bailout of the third-largest economy in the euro zone could be unaffordable and could result in the destruction of the common currency.
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It’s serious when even America is fretting over Eurozone defaults…