From Greece to Italy, the European debt crisis is threatening the stability of the euro zone. How concerned should we be? Markus Karlsson asks Philippe d'Arvisenet, Global Chief Economist at BNP Paribas.
The Fitch rating agency Wednesday downgraded Greece’s credit rating to just one grade above default status. Greece may receive a second bailout to prevent its crisis from destabilising other European countries.
The European Union says it may convene a crisis summit this week amid mounting pressure for a quick response to prevent the bloc's debt woes from spreading to Italy and Spain. Underscoring the threat, Moody's has cut Ireland's bonds to junk status.
EU finance ministers are hurrying to thrash out a new deal to rescue the Greek economy for a second time. But in the meantime, Athens' money woes are looking contagious. Italy is the latest European country whose financial stability is starting to wobble. As Europe's third largest economy, financiers are acting fast, in the knowledge that they simply can't afford to let Rome go under.
Germany’s constitutional court has begun to hear legal challenges by six eurosceptic plaintiffs to the country’s role in two euro zone bailouts last year. The case comes just as a further EU bailout to Greece has been agreed.
Belt-tightening has been approved but the numbers don’t add up: even if Greece goes through with the privatisations it has promised, it will still be swimming in debt. François Picard’s panel discuss whether Greeks can come up with answers on their own, inside or out of the eurozone.