Italy calls emergency meeting to deal with European debt crisis

"The Telegraph is reporting that the euro zone sovereign debt crisis has reached such a critical flash point that Italy has called an emergency meeting. In Spain, the Prime Minister has delayed his summer holidays to deal with the fallout.

Italy's economic and finance minister Giulio Tremonti is due to meet officials from the Bank of Italy and market regulators less than two weeks after ministers agreed a €159bn (£140bn) second bail-out for Greece. 

Concerns that Spain and Italy will be the next victims of the eurozone crisis drove benchmark bond yields to all-time highs and unsettled stock markets.

Yields on 10-year Spanish government bonds rose 25 basis points to 6.426pc, while Italy's 10-year bonds also hit highs of 6.219pc -edging closer to the 7pc levels that forced its smaller Greek and Portuguese neighbours to ask for a bail-out..."

at  http://www.creditwritedowns.com/2011/08/italy-emergency-meeting.html