Just when the eurozone governments thought it could not get worse for Europe's single currency, it did.
Shell-shocked EU finance ministers meeting in Brussels on Saturday were already reeling from the worst Franco-German rift for over 20 years and a fractious failure to resolve the problems that have brought Greece, and the euro, close to the brink.
But then a new bombshell hit as a joint report by the EU and the International Monetary Fund (IMF) warned that, without a default, the Greek debt crisis alone could swallow the eurozone's entire €440 billion bailout fund - leaving nothing to spare to help the affected banks of Italy, Spain or France....
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Filed under: * Economics, Politics Economy Credit Markets Currency Markets Euro European Central Bank The Banking System/Sector The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- Foreign Relations Politics in General * International News & Commentary England / UK --Ireland Europe --European Sovereign Debt Crisis of 2010 France Germany Greece Italy Portugal Spain
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