Instability in Italy impacts growth rate forecasts

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Source: BBC
© Scanpix/AFP

Italy's cost of borrowings reached more than 7% that is considered to be unsustainable.  In effect analysts essentially decreased Eurozone's growth forecast for next year from 1.8% to 0.5%. Growth has slowed down and the probability of new recession is still high, European Commissioner added.

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Fri, 11 Nov 2011 15:30:24 GMT

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Yields on 10-year Italian bonds achieved 7.28%; rate considered as unsustainable. Concerns about Italy's debt crisis grew impacting the global economy. Asian stock market indexes fell-Japan's Nikkei index dropped by 2.9% while Hong Kong's Hang Seng index decreased by 5.3%. European market proved to be more resilient-Germany's DAX index increased by 0.22%, and the French CAC 40 index went up by 0.4%.

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