Arab Today, arab today monti euro zone ‘credibility’ gap rattled markets
Last Updated : GMT 15:39:15
Arab Today, arab today
Arab Today, arab today

Monti: Euro zone ‘credibility’ gap rattled markets

Arab Today, arab today

Arab Today, arab today Monti: Euro zone ‘credibility’ gap rattled markets

Aix En Provence - AFP

Italian Prime Minister Mario Monti denounced unnamed \"northern\" EU states yesterday for taking positions that contributed to spikes in borrowing costs for Italy and Spain. In an apparent reference to Finland and The Netherlands, which cast doubt on the conclusions of last month\'s EU summit hailed as a watershed for the debt crisis, Monti said they undermined the euro zone\'s \"credibility\". \"The increase in the spreads after the EU summit is also due to statements that I consider inappropriate by authorities of northern countries that had the effect of undermining the credibility of the decisions taken by the EU summit.\" Finland has said it has no intention of footing the bill to cover the debts of other euro zone countries. \"Collective responsibility for other countries\' debt, economics and risks; this is not what we should be prepared for,\" Finance Minister Jutta Urpilainen said in a newspaper interview. For his part Dutch Central Bank President Klaas Knot, a member of the European Central Bank\'s governing council, took a similar line, saying: \"If somebody wants to help southern Europe, then it has to be other governments, not the ECB.\" The hard-won accord in Brussels paves the way for a 500 billion-euro ($630 billion) bailout fund to recapitalize ailing banks directly, without passing through national budgets and thus adding to struggling countries\' debt mountains. Borrowing rates for 10-year bonds in Spain and Italy initially eased amid market euphoria after the EU summit promised fresh capital for Spain\'s struggling banks and a European bank union to keep lenders in line. But the rates shot up to unsustainable levels Friday, with the Spanish yield hovering around 7.0 percent. \"The wide level of the spreads ... is a concern for the financial stability of the euro zone,\" Monti said, adding he was \"firmly committed ... to preventing Italy from getting into trouble.\" Speaking on the sidelines of an economic conference in this southern French town, the technocrat prime minister said he wanted the Eurogroup to effect the decisions of the earlier summit \"rapidly in operational terms.\" The Eurogroup of euro zone finance ministers will meet in Brussels on Monday and again on July 20, according to French Finance Minister Pierre Moscovici. The French minister, who met with Monti earlier Sunday, said \"one has to go further\" to help Spanish banks and \"move quickly\" on tighter banking regulations to speed up bailouts to struggling lenders. He said he had \"very convergent views\" with Monti. \"We have very confident relations that are going in the same direction.\" Moscovici also said France wanted Jean-Claude Juncker to stay on as Eurogroup president \"for some time\" until a \"possibly more lasting solution\" can be found to the debt crisis. The German weekly Der Spiegel reported that Paris and Berlin had reached a compromise whereby German Finance Minister Wolfgang Schaeuble would head the group of EU finance ministers for the next year, and Moscovici would take it on the following year. \"I don\'t know where this rumor came from, but for now it is not on the cards,\" Moscovici said, adding that the Eurogroup was set to make a number of appointments on Monday including a successor to Juncker. France has not hidden its reluctance to see Schaeuble take the helm of the Eurogroup and has been more openly backing an extension for Juncker, who has held the post since 2005. From arabnews

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today monti euro zone ‘credibility’ gap rattled markets Arab Today, arab today monti euro zone ‘credibility’ gap rattled markets

 



Arab Today, arab today
Arab Today, arab today Rabia Fatima reveals role of "Facebook" in her career

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday