Europe

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Chancellor Angela Merkel would risk popular fury if she had to raise fresh funds for eurozone debtors at a time of welfare cuts in Germany.

 

Credit default swaps (CDS) measuring risk on German, French and Dutch bonds have surged over recent days, rising significantly above the levels of non-EMU states in Scandinavia.

www.reuters.com

An art installation of Monopoly houses and hotels by Irish contemporary artist Fergal McCarthy floats on the river Liffey in Dublin, Sept. 21, 2010. The installation was designed to highlight the troubled housing market in Ireland.  (Credit: Reuters/Cathal McNaughton)

DUBLIN — It was a black Friday for the global markets on fears from China as well as Europe. Over the past few days there has been growing concerns about Ireland’s debt situation and its ability to provide enough funds for a big bank bailout. The top finance ministers from the European Union (EU) meanwhile have reassured global markets at the Ireland situation will not be allowed to go out of hand.

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