Italy debt crisis: what the experts said - Telegraph:
"Italian bonds rise past 'unsustainable' 7pc barrier and there are fears the contagion is spreading to Spain and France, as the ECB reportedly buys Italy's debt and Germany is under pressure to act to save monetary union."
David Cameron, British Prime Minister: “If you don’t have credibility about your plans to deal with your debts and deal with your deficits . . . they won’t lend you any money.” No kidding!
Nick Clegg, Britain's Deputy Prime Minister:". . .Today I do not intend to provide further commentary on these specific events. For one thing, it would probably be out of date by the time I sat down.” Better late than never?
Alistair Darling, former British Chancellor: “I despair of the way in which EU leaders are constantly behind events. I do not think enough people realise how serious this crisis is, and how hard it is going to hit us. This is far worse than the banking crisis of 2008 in its seriousness and, if it is not solved by Christmas, I think the whole of the euro will break up.” Christmas?
Olli Rehn, European Commissioner for Economic and Financial Affairs: "European officials are concerned about widening Italian bond yield spreads. We are following it very closely, but I would not want to ... state that any particular level is traumatic." Denial is a river . . . in Europe.
Jeremy Cook, Chief Economist at foreign exchange company, World First: “The markets continue to lurch from one problem to the next and we have now kicked the can as far down the road as is possible. Unfortunately there is very little more that can be done to stop this crisis. The only possible mechanism for the eurozone to haul itself out of this mess is to let the ECB print euros and print them like their life depends on it, because - and I do not mean to sound flippant - the euro’s life does depend on it.” Unfortunately, the Germans will never allow it (printing euros).
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