Germany Chancellor Angela Merkel described the ongoing euro zone crisis as the continent's “toughest hour” since World War II on Monday as new leaders in Italy and Greece hustled to form governments amid growing fears over their debt-hit economies.
REUTERS - German Chancellor Angela Merkel said on Monday that Europe could be living through its toughest hour since World War Two as new leaders in Italy and Greece rushed to form governments and limit the damage from the euro zone debt crisis.
In a one-hour address, Merkel called for closer European political union but offered no new ideas for resolving a crisis that has forced bailouts of Greece, Ireland and Portugal, raising fears about the survival of the 17-state currency zone.
EUROZONE DEBT CRISIS
- Media giant Altice to hold off on acquisitions amid debt woes
- Venezuela defaults on interest payments
- No headway in Venezuela after crunch debt talks last just 30 minutes
- Venezuela's crunch debt talks leave creditors without answers
- On the verge of default, Caracas summons creditors
- On brink of bankruptcy, Venezuela faces day of reckoning
- Exclusive: 'The United States wants to intervene militarily in Venezuela'
- Crunch time as Venezuela meets creditors over debt restructuring
- US avoids government default with debt ceiling hike
- US facing debt ceiling 'mess'
The ECB has been buying troubled euro zone governments’ bonds episodically to try to stabilise markets. But figures released on Monday showed it halved its weekly bond buy at the height of the Italian government crisis last week, suggesting it was no longer willing to help Berlusconi.
Date created : 2011-11-14