Debt Crisis Unsettles European Economy -- Washington Post
LONDON -- Governments in Athens, Madrid and Lisbon struggled on Friday to quell fears of a looming debt crisis in Europe that is pummeling the euro and rippling across global markets, as authorities vowed to impose fiscal austerity and plug their yawning budget deficits. The problem, however, is that investors don't appear to believe them.
Senior officials at the major rating agencies on Friday played down the risk of an immediate debt crisis, saying even nations such as Greece have enough reserves to put off for months a day of financial reckoning. Yet investor doubts over the will of Greece, Portugal and other nations to right their accounts have sparked a crisis of confidence that is seeping into stock and corporate bond markets across Europe and beyond. It is especially hitting banks and other institutions with broad exposure to the sovereign debt of the "PIGS" of Europe -- Portugal, Ireland, Greece and Spain.
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More News On Europe's Debt/Financial Crisis
Goldman: If Greece Is Handled Wrong, All Of Southern Europe Will Fall Like Dominos And 30% Of Euro GDP Would Be At Risk -- Business Insider
Euro Debt Crisis Is Political Test for Bloc -- New York Times
Geithner Says EU to Manage Greece Debt Crisis With ‘Great Care’ -- Business Week
Debt crisis unsettles European economy -- Washington Post
Financial Leaders to Focus on Europe Debt Crisis -- Voice of America
Debt crisis for Europe to deal with: Canada FM -- EU Business
Beware Financial Contagion -- Wall Street Journal
Are Greek Sovereign Debt Tremors a Start of a New Phase of the Crisis? -- Stockopedia
Is a Sovereign Debt Crisis Looming? -- Carnegie Endowment For International Peace
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