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8/3/11

Europe rushes to ease "unwarranted" tension on Italy and Spain

EU executive chief Jose Manuel Barroso moved to soothe financial markets and ease "unwarranted" pressure on economic giants Italy and Spain as Europe scrambled on Wednesday to ward off fresh euro turmoil.After a day of drama that saw borrowing costs for Italy and Spain soar to record heights, bond markets steadied as the premiers of Europe's third and fourth biggest economies responded to renewed pressure over their strained public finances.Prime Minister Jose Luis Rodriguez Zapatero cut short his holidays and Italian Prime Minister Silvio Berlusconi was to address parliament after his Finance Minister Giulio Tremonti rushed to Luxembourg for emergency talks with eurozone chief Jean-Claude Juncker.

Euro powerhouse Germany played down the turmoil, with government spokesman Christoph Steegmans saying "there is no reason to fret".EU executive chief Jose Manuel Barroso moved to soothe financial markets and ease "unwarranted" pressure on economic giants Italy and Spain as Europe scrambled on Wednesday to ward off fresh euro turmoil.After a day of drama that saw borrowing costs for Italy and Spain soar to record heights, bond markets steadied as the premiers of Europe's third and fourth biggest economies responded to renewed pressure over their strained public finances.Prime Minister Jose Luis Rodriguez Zapatero cut short his holidays and Italian Prime Minister Silvio Berlusconi was to address parliament after his Finance Minister Giulio Tremonti rushed to Luxembourg for emergency talks with eurozone chief Jean-Claude Juncker.

Euro powerhouse Germany played down the turmoil, with government spokesman Christoph Steegmans saying "there is no reason to fret".

For more: Europe rushes to ease "unwarranted" tension on Italy and Spain - Channel NewsAsia

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