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IMF’s Lagarde Warns of Risk of ‘Lost Decade’


“Italian borrowing costs reached breaking point on Wednesday after Prime Minister Silvio Berlusconi’s promise to resign failed to raise optimism about the country’s ability to deliver on long-promised economic reforms.

Italian 10-year bond yields shot above the 7 percent level that is widely deemed unsustainable, reflecting investors’ concerns that they may not get their money back, a fear reflected in a jump in the cost of insuring against Italian debt default.

German Chancellor Angela Merkel said Europe’s plight was now so “unpleasant” that deep structural reforms were needed quickly, warning the rest of the world would not wait.”

 

<<<<<<Note: Reuters has now changed the story to “Italy at breaking point, Merkel calls for “new Europe””>>>>>>

 

………………..1A) Italy on brink as 10-year bond yield tops 7%

Other headlines:

 

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  13. Stockton, California, Downgraded by Moody’s on Costs Threatening Budget
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  15. Italy’s Woes Spell ‘Nightmare’ for BNP, Agricole
  16. IMF’s Lagarde Warns of Risk of ‘Lost Decade’
  17. Barclays Says Italy Is Finished: “Mathematically Beyond Point Of No Return” (Zerohedge)

 

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