Earlier today, in Spain, Italy, Belgium Bond Spreads Hit Euro Record; Italy 10-Year Bond Yield Highest Since 1997; Self-Fulfilling Crisis I was wondering how long it would take for emergency meetings.
Any bets on when the EU has another emergency meeting? I suspect two more days of this action might do it. Now answer this: what can they do that makes any sense?
Depending on your definition of "emergency meeting" the correct answer may have been less than a day.
Italy to Hold Financial Stability Meeting
Please consider Italy to hold financial stability meeting
Finance Minister Giulio Tremonti will hold a meeting of Italy's financial stability committee on Tuesday, including representatives from the central bank and bourse regulator Consob, a source said.
The committee will discuss "the sovereign debt market situation and the implications for the banks and the economy," the source told AFP.
The meeting will take place at 1430 GMT at the finance ministry in Rome.
Italy's Financial Stability Safeguard Committee, as it is formally known, was set up in 2008 as the global economic crisis first hit and includes representatives from stock market and insurance regulators.
Prime Minister Silvio Berlusconi is set to address parliament on the financial crisis on Wednesday and meet trade union leaders on Thursday.
Zapatero Delays Vacation to "Closely Watch Economic Indicators"
The Walll Street Journal reports Spain PM Delays Vacation To Deal With Economic Woes
Spanish Prime Minister Jose Luis Rodriguez Zapatero Tuesday postponed a scheduled vacation and Finance Minister Elena Salgado was talking to several of her European counterparts as borrowing costs for Spain and Italy hit new euro-era highs.
Zapatero cancelled his vacation in order "to more closely follow" the country's "economic indicators," according to a statement from his office. A spokesman added that Zapatero was in close contact with Salgado, while the finance minister has been talking with her Italian, French and German counterparts.
The new spike in borrowing costs comes two days ahead of a Spanish bond auction Thursday, where the treasury plans to sell between EUR2.5 billion and EUR3.5 billion of three- and four-year bonds.
It also heightens concerns about the abilities of Italy and Spain, the euro zone's third- and fourth-largest