The End of the Euro's Indian Summer; Euro Crisis  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 404 no. 8804 (Sep. 2012), page 62.
Topik: Central Banks; Politics; Economic Policy; Demonstrations & Protest; Securities Markets

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.73 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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The sugar-rush brought on by the European Central Bank's pledge to intervene in bond markets to help troubled euro-zone countries--some diplomats call it "Mario Draghi's ice cream"--was bound to fade at some point. But nobody expected it to fade quite so suddenly this week. Anti-austerity protests in Spain and Greece, uncertainty over their bail-out terms, the resurgence of Catalan secession-ism, the likely departure of Mario Monti as Italy's prime minister next year, obstacles to creating a credible banking union (see Charlemagne) and a darkening economic outlook all combined to dispel hope that the euro zone was out of the woods. Spanish and Italian bond yields shot back up and European stock-markets fell. The summer's panic about the euro zone had been assuaged by the ECB's announcement of plans to buy unlimited amounts of short-dated debt of vulnerable countries such as Spain and Italy. This backstop would depend on their governments first seeking assistance from the euro-zone rescue funds, and then submitting to a formal, externally monitored reform programme.

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