Latest developments in the eurozone debt crisis

2011-11-15 14:30

Paris – Here are the major developments in the eurozone debt crisis on today:

» ROME: Italy’s Mario Monti was poised to unveil his new government with eurozone financial markets in turmoil, as he tried to build a strong consensus to push through painful economic reforms.

» FRANKFURT: Germany and France continued to shore up the eurozone with surprisingly strong growth in the third quarter, data showed, but the global economic gloom is darkening fast, analysts cautioned.

» BRUSSELS: Europe sets out long-awaited proposals to regulate credit rating agencies whose assessments are considered to have played a key role in the sovereign debt crisis.

» STRASBOURG: The European parliament voted to ban “naked” credit default swaps, a controversial financial instrument used by traders to bet on the risk of a country failing to pay off debt.

» MADRID: Spain’s debt risk premium shattered euro era records on Tuesday on fears over the public deficit, a clear warning to the next government just five days before a general election.

» VIENNA: Austria moved towards enshrining a more balanced budget in its constitution in an attempt to keep its triple-A credit rating in the wake of the eurozone debt crisis. 

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