Italy, Europe Debt Crisis | featured news

Italian parliament meets to seek way out of election gridlock

Italy's new parliament met on Friday for the first time since last month's inconclusive election with no sign of a deal to end the stalemate and yield a government able to address the deep problems in the euro zone's third-largest economy.

 

Stocks plunge on Italian election results

Stocks had their worst drop in more than three months as the prospect of political paralysis in Italy raised the specter of Europe's debt crisis flaring up again. The Dow Jones industrial average fell 216.40 points, or 1.6 percent, to 13,784.17, its biggest drop since Nov. 7. The Standard & Poor's 500 index fell 27.75 points, or 1.8 percent, to 1,487.85, dropping below 1,500 for the first time in three weeks. The Nasdaq composite dropped 45.57 points, or 1.4 percent, to 3,116.25.

 

EU pushes more moves to stem debt crisis

Eurozone Crisis

European Union officials pushed on Saturday to accelerate moves to stem the bloc's long debt crisis as Italian premier Mario Monti warned that economic suffering was fuelling divisive nationalism on the continent.

 

Italian PM sees end of crisis getting closer

Mario Monti

Italian Prime Minister Mario Monti said on Sunday the end of the economic crisis in his country was in sight and that the euro zone must not let the single currency become a source of friction between the north and south in the bloc.

 

Moody's cuts Italy's debt rating

Credit rating agency Moody's cuts Italy's standing and warns the country is likely to see a sharp rise in borrowing costs.

 

Italy eyes euro zone aid to ease debt pain

Euro Zone

Italy said on Tuesday it may want to tap euro zone aid to ease its borrowing costs as finance ministers struggled to convince markets they are getting a grip on the bloc's debt crisis, which a top European Central Banker said could escalate.

 

Battle over Spain, Italy rescue erupts at EU summit

Italy and Spain, battling searing market pressure in the euro zone's widening debt crisis, blocked agreement on measures to promote growth at a European Union summit on Thursday to demand urgent action to bring down their borrowing costs.

 

Italy wants euro rescue funds to buy its debt

Italy put forward a proposal at a G20 summit in Mexico on Tuesday for the euro zone's rescue funds to start buying the debt of distressed European countries, and the idea is expected to be discussed at a meeting of leaders in Rome on Friday.

 

Italy's Mass Protest: Tens Of Thousands Rally Against Cuts, Hikes, Reforms

Tens of thousands of Italian workers rallied in Rome on Saturday to protest pension cuts, tax hikes and labor reforms imposed by the government of Mario Monti and to demand more stable work, particularly for the young. The demonstration organized by Italy's main labor unions came a day after Monti's latest effort to stave off contagion from Europe's debt crisis. His Cabinet on Friday approved measures worth (EURO)80 billion ($100 billion) to spur economic growth, streamline the notoriously bloated public sector and lower the national debt.

 

Why Wall Street isn't tanking: The bad-news stock market rally

Greece looks close to bolting from the European Union with national elections this weekend. Spain’s banks were just bailed out, and Italy might be next. And, closer to home, Wall Street is still reeling about May’s crummy jobs report. So you’d think U.S. stocks would be tanking? Nope. Welcome to the bad-news rally: The Dow Jones industrial average shot up more than 160 points on Tuesday.

 

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